Oil dived, bonds rallied and stocks surged on Wednesday as a two-week ceasefire in the Middle East was seen as paving the way for a lasting peace and resumption of Gulf oil and gas exports. U.S. President Donald Trump said he agreed to suspend bombing and attacks on Iran for two weeks and that a long-term peace agreement was in progress. U.S. crude futures fell around 9% to $103 a barrel, S&P 500 futures leapt 1.6% and the dollar fell broadly. Futures pointed to broad gains for [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened again on Tuesday as U.S. crude closed at its highest since 2022. WCS for May delivery in Hardisty, Alberta, settled at $16.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $16.15 on Monday. * The WCS differential has widened by $1.50 since last week, and is now trading at its steepest discount since early 2024. * The widening is the [Read more]

U.S. power consumption, which hit its second straight annual record high in 2025, will rise further in 2026 and 2027, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. The EIA projected power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,244 billion kWh in 2026 and 4,381 billion kWh in 2027. Demand is surging due in large part to data centers dedicated to artificial intelligence and cryptocurrency, and as homes and [Read more]

Fuel prices could keep rising for months even after the Strait of Hormuz reopens, the U.S. Energy Information Administration said on Tuesday, deviating from President Donald Trump's assurances that consumers will see immediate relief when he ends the war with Iran. The U.S.-Israeli war with Iran, now in its second month, has sent oil and fuel prices skyrocketing around the world as Iran has been blocking vessels from crossing the Strait of Hormuz, a key trade chokepoint. Trump, whose approval [Read more]

Global markets have entered a period of heightened uncertainty ahead of a deadline set by U.S. President Donald Trump for Iran, with investors weighing various outcomes ranging from a ceasefire to renewed military escalation and their implications for oil, currencies and risky assets. Iran showed no sign of agreeing to Trump's demand that it open the Strait of Hormuz by the end of Tuesday or suffer massive attacks on its civilian infrastructure in what would be the biggest escalation yet of [Read more]

The leaders of the International Energy Agency, the International Monetary Fund and the World Bank will discuss the energy crisis triggered by the Iran war next Monday, IEA executive director Fatih Birol said on Tuesday. "This energy crisis calls for all hands on deck & international cooperation," Birol said on social media platform X, stressing the need for the three institutions to support governments worldwide amid the economic fallout from the war. Birol, the IMF's chief Kristalina [Read more]

Talks between the United States and Iran were at risk of being derailed following Tehran's attacks on Saudi Arabian industrial facilities, two Pakistani sources with knowledge of the discussions told Reuters on Tuesday, as the hours before President Donald Trump's threat to unleash "hell" on the nation dwindled. The next few hours of talks are critical, one of the sources said. Trump has given Iran until 8 p.m. in Washington - 3:30 a.m. in Tehran - to end its blockade of Gulf oil or see the [Read more]

U.S. strikes on Iran's Kharg Island do not represent a change in American strategy, U.S. Vice President JD Vance said on Tuesday as a U.S. official separately told Reuters the additional strikes on military targets did not impact oil infrastructure. The official, who spoke to Reuters on condition of anonymity, described at least some of the strikes as targeting sites that had been previously struck before and said the attack occurred in the early morning hours of Tuesday. Vance, speaking [Read more]