In early Asian trading, oil prices fell due to the United Arab Emirates planning to withdraw from OPEC, but tensions in the Middle East limited the decline.

Recent front-month West Texas Intermediate crude futures fell by 0.7% to $99.21 per barrel; front-month Brent crude futures dropped by 0.6% to $110.64 per barrel. Axel Rudolph of IG wrote in an email: "This could undermine the cohesion of the organization, create internal divisions, and weaken OPEC+'s ability to present a unified stance on production and geopolitical issues." However, the chief technical analyst added that ongoing U.S.-Iran tensions and near-zero traffic through the Strait of Hormuz have heightened supply concerns. Typically, one-fifth of the world's oil is transported through the Strait of Hormuz.