Brent crude for June delivery rose 3.1% to $114.70, while U.S. crude gained 3.4% to $103.32 a barrel.
The UAE, one of OPEC's largest producers, will leave the group as of Friday, increasing market uncertainty and influencing global share performance.
Analysts say further oil price impacts depend on reopening the Strait of Hormuz, still closed amid the Iran war, while U.S.-Iran negotiations remain stalled.
Is the UAE's departure the final blow that shatters OPEC's control over oil markets?
Will the UAE’s OPEC exit trigger a new oil price war with Saudi Arabia?
With the Strait of Hormuz closed, is a global recession now inevitable?
The largest oil reserve release isn't enough. What is plan B for the global economy?
Can the Federal Reserve fight inflation when a war keeps pushing oil prices higher?
A fertilizer crisis looms from the Hormuz closure. Are we facing a global food shortage?