Glencore earned 66 times more from energy trading in the first half of 2026 than it did a year earlier, joining other major commodity traders profiting from market turmoil created by the Iran war. Glencore booked $2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday, up from just $40 million a year earlier. U.S. President Donald Trump on Monday accused oil majors ExxonMobil and Chevron of making "too much money" with high gasoline prices a [Read more]
Trump says US held ‘all-day negotiation’ with Iran on Tuesday
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterizing the talks positively while also threatening to hit Iran "really hard" if a deal with Tehran was not reached. DETAILS AND QUOTES: * "They had an all-day negotiation," Trump told Fox News' "@ Night" show. * "We are having very good discussions," he added. * Qatar said on Tuesday mediators were making progress in efforts to end the Iran war, although Tehran has denied Trump's [Read more]
Oil steadies after two-day slump as investors eye Hormuz traffic
Oil steadied on Wednesday after steep falls in the previous two trading sessions, as investors waited to see if efforts to end the U.S.-Iran war and restore traffic through the blockaded Strait of Hormuz were making progress. Brent crude futures rose 26 cents, or about 0.33%, to $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate futures rose 0.16%, or 12 cents, to $75.90 a barrel. Qatar said on Tuesday mediators were making progress in efforts to end the war, driving oil prices [Read more]
Canada’s Suncor beats quarterly profit estimates on higher prices, refining margins
Suncor Energy on Tuesday beat second-quarter adjusted profit estimates as higher crude price realizations and stronger refining margins offset weaker upstream production. Higher oil prices and fuel margins lifted earnings across Canada's oil patch as conflict in the Middle East supported crude markets. Calgary, Alberta-based Suncor said oil sands adjusted operating earnings rose to C$2.592 billion from C$926 million a year ago, while refining and marketing adjusted operating earnings increased [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 Tuesday. WCS for September delivery in Hardisty, Alberta, settled at $14.80 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.25 on Friday. Monday was a holiday in Canada. * The discount remains significantly wider than it was in June, after traffic through the Strait of Hormuz picked up in July and also due to the ongoing weakness in [Read more]
US shale producer EOG Resources beats quarterly profit estimates on higher crude prices
U.S. shale producer EOG Resources beat analysts' estimate for second-quarter profit on Tuesday, helped by a surge in crude prices. Concerns that the war in Iran, which erupted in late February, could disrupt Middle East oil supplies through the Strait of Hormuz sent crude prices sharply higher. Brent averaged $126.41 a barrel in April, compared with $69.82 in January. WTI rose to $109.64 from $65.17 during the period. EOG said the average realized price for oil production rose to $98.15 [Read more]
Devon Energy posts highest quarterly profit since 2022 on higher prices, output
Devon Energy on Tuesday reported its highest quarterly profit since 2022 that also topped Wall Street expectations, benefiting from its merger with Coterra Energy and a surge in global oil prices. The conflict in the Middle East, now in its sixth month, has disrupted energy supplies, with benchmark Brent crude prices averaging 19.2% higher at $89.62 per barrel in the second quarter from a year earlier. Devon closed its $58 billion acquisition of Coterra Energy in May, driving up quarterly [Read more]
White House set to extend Jones Act waiver as Trump hunts for cheaper gasoline
The White House is expected to extend a waiver of the century-old Jones Act in the coming days, sources say, reaching for one of the few tools it has to try and hold down gasoline prices as President Donald Trump escalates his attacks on Exxon Mobil and Chevron for making "too much money." The Jones Act requires cargo moving between U.S. ports to be carried on ships built in the U.S., owned by U.S. companies and crewed by American workers, and the waiver aims to lower gas prices by increasing [Read more]
US’s Bessent: Could have deal with Iran on Hormuz Strait in next two days
U.S. Secretary Scott Bessent said there could be a deal reached with Iran on the reopening of the Hormuz Strait by Tuesday or Wednesday. "We are in talks with the Iranians, and I think there is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict," Bessent said in an interview with CNBC. (Reporting by Doina Chiacu; Editing by Andrew Heavens) [Read more]
US oil exports in July fall to lowest level in eight months, data shows
U.S. oil exports in July fell to 3.66 million barrels per day, the lowest level in eight months, ship tracking data showed, as a short-lived peace deal between the U.S. and Iran in June briefly flooded markets with Middle Eastern oil and diminished demand for American crude abroad. The U.S. had cinched the spot as the world's top oil exporter this year after the Iran war sharply cut supplies of Middle Eastern crude and forced Asian and European countries to turn to the U.S. to fill the gap. [Read more]
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