Roughly 7 million barrels of oil are getting out of the Persian Gulf each day with U.S. military help, U.S. Energy Secretary Chris Wright said on Friday at an event in Houston. * No Iranian crude is getting out of the Strait of Hormuz, Wright said, adding that he expected to see the free flow of all products through the Persian Gulf if the U.S. and Iran agree on a peace deal. If no deal is reached, the U.S. military will restore the flow, Wright continued. * Wright said some sanctions on [Read more]
Trump says Iran’s leaked deal terms are untrue
U.S. President Donald Trump denied on Friday that the United States has made major concessions to Iran and a senior U.S. official called an emerging pact "performance-based" with Tehran getting no frozen assets until its part of the agreement is fulfilled. In a post on his Truth Social platform, Trump said Iran's leaked comments on a deal with the United States do not represent what has been agreed to in writing. "What they said, including their weak and pathetic statement on having a deal, [Read more]
Iran’s foreign minister says Islamabad memorandum has ‘never been closer’
Iranian Foreign Minister Abbas Araqchi said on Friday that an "Islamabad Memorandum of Understanding" for addressing the U.S.-Israeli war on Iran had "never been closer", but urged media outlets to refrain from speculating about its contents until it was finalised. Araqchi said Iran would share all details with the public in due course, in what he called Tehran's responsible and transparent approach. (Reporting by Enas Alashray and Ahmed Tolba in Cairo; Editing by Kevin Liffey) [Read more]
Oil extends losses as Trump calls off planned strikes on Iran
Oil prices fell over $1 on Friday, extending losses from the previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11. Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying [Read more]
Goldman lowers 2027 Brent oil forecast on supply growth, demand risks
Goldman Sachs on Thursday lowered its 2027 average Brent oil price forecast to $80 a barrel, citing stronger supply growth and persistent demand weakness, even as it warned prices could swing sharply under different geopolitical scenarios. The bank highlighted rising output from the United States, Brazil, Guyana, Venezuela and the UAE, alongside structural demand shifts, particularly in China. "We assume that just over 10% of the demand weakness persists as China's shift to alternatives [Read more]
Discount on Western Canada Select tightens to narrowest since November
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures tightened again on Thursday to its narrowest point since November. WCS for July delivery in Hardisty, Alberta, settled at $11.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $11.90 a barrel on Wednesday. * The WCS differential has narrowed by approximately $4 since mid-May. * Wet weather and a power outage that affected oil sands producer [Read more]
Canada oil outages and bad weather to tighten inventories at key US storage hub
Wet weather and a power outage at a major oil sands producer have contributed to crude export supply tightness out of Western Canada, which could tighten supplies to the key Cushing storage hub in Oklahoma and to U.S. Midwest refineries. Supply disruptions in Western Canada are adding to an already tight global market as a fifth of the global oil and gas shipments are stuck behind the Strait of Hormuz due to the U.S./Israel war in Iran. U.S. crude inventories, including those from strategic [Read more]
Trump says he believes Iran’s supreme leader has approved deal with US
U.S. President Donald Trump on Thursday said he believed Iran's Supreme Leader Mojtaba Khamenei had approved a deal with the U.S. that would trigger the opening of the Strait of Hormuz and the lifting of a U.S. blockade on Iranian ports. When asked by a reporter at the White House whether Khamenei had approved the deal, Trump said: "I understand the answer is yes." Trump described the deal as "a very strong memorandum of understanding," adding it was "a little conceptual, but it's [Read more]
Trump says great settlement on Iran to be signed soon and strait will open
U.S. President Donald Trump said on Thursday the Strait of Hormuz would be opened as soon as a "great settlement" of the war in Iran was signed, an event he said he expected would happen within days. "We just made a great settlement of the war with Iran", Trump told reporters in the Oval Office. "The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe," he said. (Reporting by Humeyra Pamuk, Katharine Jackson; Editing by David [Read more]
Alberta court fines Imperial Oil for Kearl spill breach
Canada's Imperial Oil was fined C$120,000 ($85,849.19) after pleading guilty in an Alberta court to breaching environmental regulations tied to an industrial wastewater overflow at its Kearl oil sands site, the province's energy regulator said on Thursday. Following a May 29 hearing in the Alberta Court of Justice, the Canadian oil producer was ordered to pay C$2,000 in fines, including a victim surcharge, along with C$118,000 towards a creative sentencing project, according to the Alberta [Read more]