The United Arab Emirates announced Tuesday that it will leave OPEC effective May 1, stripping the oil cartel of one of its largest producers. While the announcement won't have an immediate impact on world oil supplies that are constrained by the war in Iran and the closure of the Strait of Hormuz, it if the UAE increases its production capacity. On Tuesday, Brent crude oil traded above $111 a barrel, over 50% higher than its prewar price.