Oil prices have experienced a slight decline following a period of gains, primarily due to the United Arab Emirates (UAE) exiting the Organization of the Petroleum Exporting Countries (OPEC). This decision has raised expectations for future supply increases, with Brent crude trading around $111 per barrel and US West Texas Intermediate (WTI) near $99 per barrel. Despite the dip, analysts view it as a correction rather than a significant downturn, as ongoing geopolitical tensions, particularly in the Strait of Hormuz, continue to restrict supply. The blockade of this critical shipping route, which handles about 20 percent of global oil supply, remains a key factor in maintaining elevated prices. Additionally, recent data from the American Petroleum Institute indicated a decline in US crude inventories by 1.79 million barrels, signaling strong demand. As the market adjusts to these developments, investors are advised to monitor the situation closely, particularly regarding the future of the Hormuz blockade and UAE's production policies.