Daily Digest — 29 Apr 2026

Global energy markets experienced whipsaw movements as the UAE’s departure from OPEC sent shockwaves through oil trading, even as crude prices pulled back to \(99 after earlier spikes above \)111. The Gulf state’s exit comes at a critical moment, with reports of Trump preparing for a lengthy Hormuz blockade adding volatility to already strained energy supplies amid the ongoing US-Iran conflict.

Bitcoin held steady near \(77,000 ahead of the Federal Reserve's rate decision, while [XRP tumbled below \)1.40](https://www.coindesk.com/markets/2026/04/29/xrp-falls-to-usd1-38-after-breaking-below-usd1-40-on-rising-selling-pressure) on heavy selling pressure. The crypto divergence reflects broader uncertainty as markets await Jerome Powell’s potentially final meeting as Fed chair. Meanwhile, gold edged higher to $4,618 as geopolitical tensions remained elevated.

Political pressure mounted on multiple fronts, with China detaining nearly 70 Panamanian-flagged ships in retaliation over Panama Canal disputes, while the US warned banks about sanctions risks involving Chinese refineries handling Iranian oil. In the UK, King Charles addressed the US Congress in a historic diplomatic moment, though Prime Minister Starmer faced internal Labour rebellion over calls for a Mandelson inquiry.

The humanitarian impact of ongoing conflicts deepened, with UN officials warning that Somalia’s crisis has worsened due to the US-Iran war, highlighting how regional tensions are affecting vulnerable populations across the Muslim world.