Imani Moise

Oil markets are settling into a new normal.

The war isn't just pushing prices higher, it's pretty much reshaping the global energy system.

Less driven by supply and demand, and more driven by power and politics.

When the United Arab Emirates said Tuesday it would leave OPEC — that, of course, is the alliance of major oil producers that help stabilize global prices —

It kicked a leg out from an already unstable stool.

Major oil importers in Asia and Europe are scrambling to reduce their reliance on the Mideast, while big producers, like the U.S., are competing for market share in an increasingly fragmented system.

Analysts say in today's oil market, it's every country for itself, which means investors should brace for prices that are...

Predictably unpredictable.

U.S.

crude futures rose 8% over the week to about $102 a barrel, while the S&P Energy Index rose 3.2%.

And a rental car company is accusing one of its major shareholders of taking its stock for a joyride.

Avis is demanding that a Florida hedge fund return a portion of its trading profits following what some are calling the wildest short squeeze of the year.

CEO Brian Choi says that Pentwater Capital Management fueled excess volatility as the stock rocketed from below $150 at the end of March to roughly $848 last week.

Choi says the hedge fund was seemingly the only major investor that was active during that time, and that a niche short-swing profit rule requires the firm to hand over gains from shares it bought and sold within a six-month window.

Pentwater has already voluntarily agreed to return profits from 94,000 of the 4.3 million shares it unloaded during the rally.

After last week's short squeeze, which sent Avis stocks surging more than 300% at their peak, shares came back to earth.

and then lost another 9% this week.

And now you know what's news in markets this week.

You can read about more stocks that moved on the week's news in our live markets coverage on WSJ.com.

Today's show was produced by Anthony Bansi with Deputy Editor Chris Sinsley.