United Arab Emirates quits OPEC as Iran war raises Gulf tensions

U.S. crude oil surpassed $100 per barrel for the first time since April 10 after Iran talks stumbled and the United Arab Emirates said it would leave OPEC.

The United Arab Emirates said Tuesday that it would leave OPEC, the Organization of the Petroleum Exporting Countries, which coordinates oil output among leading energy producing nations.

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The departure from OPEC will likely lead the UAE to boosting energy output. Although with the Strait of Hormuz closed, it's not clear how fast any increased production would be able to reach global markets.

"Following its exit, the UAE will continue to act responsibly, bringing additional production to market in a gradual and measured manner, aligned with demand and market conditions," its state-run news agency said.