Analysts suggest that the United Arab Emirates' departure from OPEC could benefit Asia's oil import-dependent economies. However, global prices remain high due to ongoing geopolitical issues, such as the closure of the Strait of Hormuz.

Asia’s oil import-dependent economies will benefit from the United Arab Emirates’ (UAE) exit from Opec, though the ongoing closure of the arterial Strait of Hormuz may not offer any immediate relief from soaring prices, analysts say. Global oil prices continued to surge on Wednesday, with benchmark Brent crude oil prices hitting US$111 a barrel and US West Texas Intermediate (WTI) approaching US$100 a barrel. Before the Iran war, Brent was trading around US$70 a barrel, while WTI was about US$65...