Oil prices retreat, falling below $88 a barrel
According to Reuters, although oil prices initially surged to their highest levels in the past month, they later reversed course as traders took profits while assessing the latest developments in the Middle East
Iraq’s new prime minister sworn in with incomplete cabinet and unresolved challenges
Iraq’s new Prime Minister Ali Al-Zaini was sworn in today, but with an incomplete government, as parliament failed to reach agreement on the appointment of key ministries, including Interior and Defence
Reuters: United Arab Emirates withdraws from OPEC, a major blow to the oil cartel
The withdrawal of the United Arab Emirates intensifies pressure on the global oil market and reshapes geopolitical balances