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Today the UAE said it was leaving OPEC, a club of oil-producing countries that it joined in 1967. The departure highlights regional tensions over how to manage the fallout from the Iran war. Unlike some other Gulf states, the UAE has doubled down on its partnership with Israel and America. Leaving OPEC could endear it to Donald Trump, no fan of the cartel.
And what makes a bubble? Do Labubu dolls—creepy elfin toys with precisely nine teeth—count? Labubumania has produced queues, counterfeits (the teeth are the tell) and prices that could not possibly be justified by fundamentals. How will this bull market die?
And on tonight’s Inside Defence we talk to Rachel Ellehuus, the head of RUSI, Britain’s oldest defence think-tank, on whether NATO could survive without America. Watch it now. | 
