A tanker reported being hit by unknown projectiles in the Strait of Hormuz, a maritime security organisation said on Monday, shortly after President Donald Trump said the U.S. would start helping free ships stranded in the Gulf by the U.S.-Israeli war on Iran. Trump provided few details about the plan, which he said would start on Monday to aid ships and their crews that have been "locked up" in the vital waterway and are running low on food and other supplies. "We have told these [Read more]

Oil prices eased on Monday after U.S. President Donald Trump said the United States would begin an effort to free up ships stranded in the Strait of Hormuz, however the lack of a U.S.-Iran peace deal kept prices supported above $100. Brent crude futures fell 64 cents, or 0.59%, to $107.53 a barrel by 2308 GMT after settling down $2.23 on Friday. U.S. West Texas Intermediate was at $101.10 a barrel, down 84 cents, or 0.82%, following a $3.13 loss on Friday. "For the good of Iran, the Middle [Read more]

President Donald Trump said on Friday the U.S. Navy was acting "like pirates" in carrying out Washington's naval blockade of Iranian ports during the U.S. and Israel's war against Iran. Trump made the comments while describing the seizure by U.S. forces of a ship a few days ago. "We took over the ship, we took over the cargo, we took over the oil. It's a very profitable business," Trump said in remarks on Friday evening. "We're like pirates. We're sort of like pirates but we are not playing [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Friday. WCS for June delivery in Hardisty, Alberta, settled at $16.30 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $17 in mid-April. * While the discount has narrowed, the price marks the steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]

Investment firms Warburg Pincus and Kayne Anderson are exploring a potential sale of WildFire Energy, with any deal expected to value the U.S. shale operator at more than $4 billion including debt, people familiar with the matter said. The move comes at a time when crude prices have surged, with U.S. benchmark oil back above $100 per barrel this week, due to the conflict in the Middle East. While the disruption to energy markets, and the wider global economy, is substantial, the value of energy [Read more]

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since mid-March, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by three to 547 in the week to May 1, its highest since early April. Despite this week's rig increase, Baker Hughes said the total count was still down 37 rigs, or 6% below this time last year. Baker Hughes said oil rigs rose [Read more]

President Donald Trump on Friday signed an executive order broadening U.S. sanctions against the Cuban government, two White House officials told Reuters, as he seeks to put more pressure on Havana after ousting Venezuela's leader from power. The fresh sanctions target people, entities and affiliates that support the Cuban government's security apparatus or are complicit in corruption or serious human rights violations, the officials said, as well as agents, officials or supporters of the [Read more]