UAE Leaves OPEC; Iran War Affects Global Economy, Politics

This move comes amid the ongoing U.S.-Iran war, which has disrupted global energy markets. Multiple sources indicate the war is reshaping the energy industry, with the UAE's exit coinciding with meetings involving another former OPEC member. ServiceNow stock fell 14% after the company reported subscription revenue impacted by the Iran war, though it beat overall earnings and revenue expectations while expanding AI offerings.

U.S. agriculture firms are seeing gains, with soybean oil hitting a three-year high due to surging crude prices. Bunge raised its 2026 earnings forecast to $9.15 per share from $8.03, and crush margins in the U.S. are the strongest since Russia's 2022 invasion of Ukraine.

The Iran war has shaken the global economy over eight weeks, with much of the world facing tumult while the U.S. has largely been spared. British families reported increased financial strain on monthly budgets due to the conflict. The airline industry is facing disruptions from the war, according to aviation experts.

More than $2 billion in bets related to the Iran war have been wagered globally on Polymarket.

Trump also remarked that Germany is performing poorly economically. Merz had described the U.S. as being "humiliated" by Iranian leaders and criticized the lack of a strategic exit from the war.

“An entire nation is being humiliated by the Iranian leadership, particularly by these so-called Revolutionary Guards.”

The war has caused rifts between the U.S. and European allies, including Italy. European leaders have reassessed relations with Trump, who has questioned NATO commitments.

U.S.-Iran deal to reopen the Strait of Hormuz and end the war are dimming, with Tehran's latest offer unlikely to advance talks. The blockade targets Iran's oil infrastructure, but Iran has experience with such pressures. Iran may argue it won the war by surviving, given its relative weakness, according to political scientist Dominic Tierney.

The conflict's ripple effects have worsened tensions in Ukraine, per analyses of Russian and Ukrainian leaders' views. Senate Democrats, including Sens. Elizabeth Warren, Richard Blumenthal, Kirsten Gillibrand, and Mark Kelly, are investigating a March attack in Kuwait that killed six U.S. service members and injured 20 amid the war.

Republicans, led by Sen.

Lisa Murkowski, are pushing for an authorization for the use of military force to provide congressional backing for the Iran war, rather than ending it. Murkowski stated that Congress cannot tie the military's hands after troops are committed. Rep. Don Bacon noted that by law, operations must be approved or stopped after 60 days.

Sen. Chris Murphy emphasized the need for a debate on authorization, though he would not support one. Rep. Brian Fitzpatrick introduced a War Powers Resolution requiring withdrawal after 60 days without congressional approval. Democrats plan to continue forcing votes on war powers legislation.

Trump's approval rating dipped to a record low amid the Iran war and inflation concerns, with only 22% of U.S. voters backing his performance on living costs, according to a Reuters/Ipsos poll. An opinion piece considered whether Israel would continue the war alone if the U.S. reaches a peace deal with Iran.

The war began in late February with joint U.S.-Israeli strikes on Iran that killed Ayatollah Ali Khamenei. The administration continues sending forces to the region and seeking allied help, even as it declares the conflict over.