The sudden ousting of BP Chairman Albert Manifold over allegations of misconduct less than eight months after he took office plunges the British energy giant into its second leadership scandal in less than three years. These repeated leadership misfires suggest BP’s board is quickly becoming a liability. His departure is related to aggressive conduct towards BP staff, which came to light following a whistleblower complaint, according to sources close to the board. Manifold was hired to [Read more]

Northern Oil and Gas said on Tuesday it would buy a 25% stake in Parallax Energy Operating’s light-oil assets in Canada's Duvernay shale for an initial purchase price of about C$350 million ($253.60 million). The non-operated stake will mark NOG’s entry into Canada and expand its inventory of low-cost drilling locations. Duvernay shale remains less developed than major U.S. oil basins such as the Permian and contains large undeveloped drilling inventory. * Northern Oil and Gas said it will [Read more]

Iran's foreign ministry said in a statement on Tuesday that the United States has violated the ceasefire with strikes in Iran's southern Hormozgan province. The U.S. military carried out strikes on Monday in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions. Iranian media reported early on Tuesday that sounds of explosions were heard in Bandar Abbas in the province. "The United States committed a [Read more]

Brent crude futures rose nearly 2% in early Asian trade on Tuesday after the U.S. military carried ​out strikes in southern Iran in what it ​described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides. Brent futures climbed $1.40, or 1.5%, to $97.56 a barrel as of 0006 GMT, after settling 7% lower in the previous session. U.S. West Texas Intermediate crude fetched $91.25, up slightly from Monday's last traded price but down $5.30, or 5.5% from [Read more]

The U.S. military carried out strikes on Monday in southern Iran against targets including boats attempting to lay mines and missile launch sites, in what it described as defensive actions. U.S. Central Command said in a statement the strikes were designed "to protect our troops from threats posed by Iranian forces." "U.S. Central Command continues to defend our forces while using restraint during the ongoing ceasefire," said Navy Captain Tim Hawkins, a Central Command [Read more]

U.S. President Donald Trump said on Monday that he asked Saudi Arabia, Qatar, Pakistan, Turkey, Egypt and Jordan to join the Abraham Accords en masse to normalize relations with Israel as he tries to negotiate an agreement to end the war with Iran. Pakistan rejected the proposal. None of the other countries has so far publicly reacted to Trump's demand and a positive response was unlikely when the public mistrust of Israel in these Muslim nations remains high over the scale of its military [Read more]

The U.S. and Iran are discussing a plan to open the Strait of Hormuz about 30 days after the two countries reach a deal to end hostilities, the Nikkei newspaper reported on Monday citing a Middle East diplomatic source. Iran would proceed to clear mines from the strait during a 30-day window following an agreement, after which ships from all countries would be able to navigate freely and safely, and Iran would stop collecting transit fees, Nikkei said. The ceasefire agreed in early April [Read more]

Canadian Prime Minister Mark Carney said on Monday that Alberta's planned vote on potentially breaking away from the rest of Canada, while not binding, could become "a dangerous bluff" and that asking such questions was "not helpful." The oil-rich province said last week it would proceed with a non-binding referendum in October on whether its residents want to remain part of Canada. "I saw firsthand what happened in the United Kingdom... They're still 10 years later trying to undo what people [Read more]