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UAE exit from OPEC sends oil prices higher; Visa, Coca-Cola, Starbucks beat earnings
The UAE’s exit from OPEC+ sparked by Middle East tensions has driven oil benchmarks toward $100. Meanwhile, Visa, Coca-Cola, and Starbucks delivered strong Q1 2026 earnings, exceeding market expectations. Attention now turns to the Federal Reserve’s policy decision amid rising global inflationary pressures.
The UAE’s announcement of its departure from OPEC, scheduled for May, propelled Brent crude to $104.40, while WTI approached the $100 mark amidst significant supply chain disruptions.
Visa reported $11.20 billion in revenue alongside a 19.9% surge in EPS, while Starbucks outperformed estimates with 8.7% revenue growth for the first quarter of 2026.
Coca-Cola shares advanced 3.86% following a $12.50 billion revenue beat, underscoring resilient consumer demand despite broader macroeconomic headwinds.
Market focus remains fixed on the Federal Reserve’s April meeting as unresolved geopolitical conflicts heighten risks to global price stability.
UAE announces withdrawal from OPEC: Oil prices surge toward the $100 threshold
According to a report by Reuters, the United Arab Emirates has announced its intention to withdraw from OPEC and the broader OPEC+ alliance. Official comments indicate that this departure is expected to take effect in May, driven by mounting complications within energy supply chains resulting from the ongoing US-Israel-Iran conflict in the Middle East.
While the full extent of this move’s impact on the global crude supply chain remains to be seen, major oil benchmarks rallied in tandem following the news. The Brent futures contract (BRNN6) advanced by 2.66% to settle at $104.40 per barrel, while the West Texas Intermediate (WTI) futures contract (CLM6) appreciated by 3.6% to reach $99.96 per barrel.
Concurrently, diplomatic negotiations between the United States and Iran remain deadlocked, stoking fears of a protracted conflict that could induce persistent inflationary pressure and global economic stagnation. Market participants are now pivoting toward the monetary policy decisions scheduled for release this week by Western central banks, most notably the Federal Reserve, which is due to announce its policy stance on Wednesday 29 April.
Figure 1. Brent and WTI futures contracts (2025-2026). Source: Data from the ICE-EUR Exchange and the NYMEX Exchange; Own analysis conducted via TradingView.
Visa, Coca-Cola, and Starbucks surpass analyst expectations with solid Q1 2026 earnings
Visa, Coca-Cola, and Starbucks all succeeded in exceeding market forecasts in their Q1 2026 earnings reports, posting strong figures for both revenue and earnings per share (EPS). The primary drivers behind these results are detailed below:
Visa Inc. reported total revenue of $11.20 billion, outperforming the projected $10.75 billion. Furthermore, the company posted an EPS of $3.31, surpassing the estimate of $3.10. These figures represent a year-on-year (YoY) revenue growth rate of 17.10% and a 19.9% increase in earnings per share. As these results were disclosed after the market close, investors are closely monitoring the initial reaction in early trading.
The Coca-Cola Company achieved quarterly revenue of $12.50 billion, exceeding the analyst consensus of $12.27 billion. Additionally, earnings per share reached $0.86, marginally ahead of the $0.81 estimate. These results reflect an 11% YoY increase in revenue and a 17.8% rise in EPS. In response, Coca-Cola's shares appreciated by 3.86%, closing at $78.35.
Starbucks reported total revenue of $9.50 billion, surpassing the anticipated $9.12 billion. The company also posted an EPS of $0.50, which stood above the $0.42 estimate. These results reflect a YoY revenue growth rate of 8.7% and a significant 22% YoY increase in EPS. Despite the positive earnings beat, Starbucks’ shares remained largely unchanged in after-hours trading following the announcement.
