Oil pares gains but stays firm

Oil prices pared earlier gains after the United Arab Emirates said it would leave OPEC and OPEC+, easing some supply concerns, though prices held near the upper end of a nearly 3% rally as stalled efforts to end the Iran war kept the Strait of Hormuz largely closed and constrained Middle East supplies.

Brent crude futures for June climbed $2.93, or 2.7%, to $111.16 a barrel at 1532 GMT. The contract was on track for a seventh consecutive day of gains. US West Texas Intermediate (WTI) crude for June rose $3.49, or 3.6%, to $99.86 a barrel, after briefly trading above $100 for the first time since April 13.