-- US President Donald Trump on Wednesday said the United Arab Emirates' decision to leave OPEC could help ease rising energy prices, even as oil markets continued to climb amid ongoing conflict in Iran, multiple news outlets reported.
"I think it's great," Trump reportedly told reporters at the White House when asked about the UAE's move. "It's a good thing for getting the price of gas down, getting oil down, getting everything down."
The UAE said Tuesday it will exit OPEC next month, a move that could weaken the group's influence over global oil markets at a time of heightened supply disruptions linked to the US and Israeli war in Iran. The decision follows years of tension between the UAE and OPEC's leading member, Saudi Arabia, particularly over production quotas.
"He probably maybe wants to go his own way," Trump said, referring to UAE President Sheikh Mohamed bin Zayed Al Nahyan.
Despite Trump's claim that the UAE's decision could drive down energy and other prices, there was little immediate evidence to support it as oil prices rose on Wednesday, with Brent crude hitting its highest level since 2022.
Speaking at what he described as his final press conference as Federal Reserve chair, Jerome Powell said the conflict in the Middle East was partly fueling inflation and creating "a high level of uncertainty about the economic outlook."
Powell noted, "In the near term, higher energy prices will push up overall inflation. Beyond that, the scope and duration of potential effects on the economy remain unclear, as does the future course of the conflict itself."
The White House did not immediately respond to' request for comment.