G7 energy ministers will discuss how to tackle soaring energy prices due to the war in Iran on a call on Tuesday while a group of European Union leaders will do so later in the day, officials said. Oil prices surged to $119 a barrel on Monday, their highest levels in almost four years, on fears of Gulf output cuts and disrupted exports by tanker. European governments are on edge about the prospect of a repeat of the energy crisis they faced in 2022, when prices surged to record peaks, [Read more]
Gulf energy official says stopping the war is only way to reopen Hormuz
A senior Gulf energy industry official said on Tuesday stopping the Iran war was the only option when asked if there were ways of getting oil and gas moving again through the Strait of Hormuz. The official spoke on condition of anonymity, given the sensitivity of the matter. (Reporting by Maha El Dahan; Editing by Andrew Heavens) [Read more]
Iran says oil blockade will continue until attacks end, Trump threatens to escalate strikes
Iran's Revolutionary Guards said on Tuesday they would not allow "one litre of oil" to be shipped from the Middle East if U.S. and Israeli attacks continue, prompting a warning from President Donald Trump that the U.S. would hit Iran much harder if it blocked exports from the vital energy-producing region. The heightened rhetoric did little to quell a sharp retreat in crude prices and a rally in global shares, which came after Trump expressed confidence in a swift end to hostilities even [Read more]
Trump says US is waiving certain oil-related sanctions to ensure supply
President Donald Trump said on Monday that the United States is waiving certain oil-related sanctions as a way to ensure adequate oil supply and lower prices. At a news conference at his Doral golf club, Trump said oil prices have not spiked as much as he had feared. Trump said the United States is waiving certain oil-related sanctions to cut prices. "We have sanctions on some countries. We're going to take those sanctions off till the Strait (of Hormuz) is up," Trump said. He was [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Monday as global oil prices continued to leap higher due to constrained Middle Eastern supply. WCS for April delivery in Hardisty, Alberta, settled at $12.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $12 on Friday. * The discount on heavy Canadian crude has widened by approximately $1 since the U.S.-Israeli war on Iran began. * [Read more]
Iran’s revolutionary guards say any Arab, European country that expels US, Israel envoys will be able to navigate Strait of Hormuz
Iran's Revolutionary Guards said any Arab or European country that expels the ambassadors of Israel and the U.S. from its territory will have full authority and freedom to pass through the Strait of Hormuz, Iranian state media reported on Monday. The crisis in the Middle East has halted shipping and energy exports through the vital Strait of Hormuz, which carries roughly a fifth of global oil and liquefied natural gas flows. Hundreds of ships remain anchored on both sides of the [Read more]
Kremlin: Putin, in a phone call with Trump, shares proposals to end Iran war quickly
Russian President Vladimir Putin, in a telephone conversation on Monday with U.S. President Donald Trump, put forward proposals for a quick settlement of the conflict around Iran, Kremlin foreign policy aide Yuri Ushakov said. Ushakov, giving an account of the conversation to reporters, said the two leaders also discussed the conflict in Ukraine and noted that Russian gains should prompt Kyiv's negotiators to move towards a settlement. He described the entire discussion as "very [Read more]
How might Trump combat the spike in oil prices?
U.S. President Donald Trump is expected to review as early as Monday a set of options to tame oil prices, which have soared to the highest level since 2022 because of the expanding U.S.-Israel war with Iran. It is uncertain how much of an impact U.S. policy changes could have on oil prices, and some options could trigger domestic and international opposition. The stakes are high. Soaring energy prices have sent stock markets lower, threatened broad economic damage and are a risk for [Read more]
Trump reviews options to curb energy prices as Iran strikes roil markets
U.S. President Donald Trump is expected to review as early as Monday a set of options to tame oil prices, which have spiked to more than $100 a barrel due to the Iran war, according to two people familiar with the matter. The effort reflects White House worries that the surge in oil prices will hurt U.S. businesses and consumers ahead of the November midterm elections when Trump's fellow Republicans are hoping to retain control of Congress. U.S. officials in Washington have been discussing [Read more]
Canadian oil tycoon backs South Bow pipeline to boost US exports
The Canadian tycoon who heads one of North America's fastest growing oil companies told Reuters he supports a proposal to potentially revive parts of the former Keystone XL pipeline and wants to see Canada use the project as leverage in upcoming trade negotiations with the United States. Still, Adam Waterous, CEO of Strathcona Resources, said he would prefer a new West Coast pipeline to increase access to Asian markets. The comments by Waterous, one of Canada's most aggressive oil industry [Read more]
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