The Middle East conflict continues to dominate global energy markets. The closure of the Strait of Hormuz has disrupted a route that normally carries around 20 million barrels of oil per day and more than one-quarter of global seaborne oil trade. The UAE’s May 1 decision to leave OPEC adds another layer of uncertainty: While the immediate market impact may be constrained by the Hormuz disruption, the move could weaken OPEC’s longer-term market position. […]