A convoy of eight tankers was crossing the Strait of Hormuz on Saturday, data showed, as some ship owners said they hoped Tehran would allow them to leave the Gulf during a short ceasefire window in the Iran war. The group - comprising one very large crude oil carrier (VLCC), several oil product and chemical tankers and liquefied petroleum gas (LPG) carriers - was passing through Iranian waters south of Larak island, according to MarineTraffic data. More tankers were seen following from the [Read more]
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Federal government puts timeline in place for Port of Churchill project: Kinew
WINNIPEG - Manitoba Premier Wab Kinew says Ottawa has hinted that it wants liquified natural gas shipping out of Churchill by 2030 or federal support for an expansion of a port in the community could be off the table. Kinew met with Prime Minister Mark Carney this week in Ottawa to discuss, among other things, a plan to expand the Port of Churchill as part of a trade corridor through northern Manitoba. The premier says Carney presented an "aggressive" timeline of getting LNG flowing out of [Read more]
Goldman sees softer oil demand, flags two-sided risks to 2026 price outlook
Goldman Sachs said softer oil demand and easing supply disruptions have balanced out the risks in its oil price outlook, though it kept its 2026 average forecasts unchanged. The bank maintained its Brent and WTI crude forecasts for 2026 at $83 a barrel and $78 a barrel, respectively, assuming oil flows through the Strait of Hormuz, a vital waterway through which about 20% of the world's oil and liquefied natural gas supplies pass, gradually normalize by mid-May. * Crude prices settled down [Read more]
US lends 26.03 million barrels of SPR oil in third batch since Iran war
The U.S. Department of Energy said on Friday it had loaned26.03 million barrels of crude oil from the Strategic Petroleum Reserve to nine oil companies, the third allotment under the Trump administration's effort to curb fuel prices that have surged since the U.S.-Israeli war on Iran. The Trump administration agreed in March to release 172 million barrels from the SPR in a coordinated move with the International Energy Agency to draw down 400 million barrels in an effort to control fuel prices [Read more]
Hormuz reopening not like ‘flipping a switch’ for rattled oil markets: professor
CALGARY - Iran says it has reopened the Strait of Hormuz to commercial traffic, but a University of British Columbia economist says it could be a while before any calm returns to rattled global oil markets. Werner Antweiler, an associate professor at the Sauder School of Business, says it's not as easy as flipping a switch and it will take time for the backlog of oil shipments to work itself out — and that's if hostilities don't resume. Antweiler says Insurers also still have to sign off [Read more]
US drillers cut oil and gas rigs for second straight week, Baker Hughes says
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a second straight week for the first time since 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, fell by two to 543 in the week to April 17, the lowest since late March. Baker Hughes said this week's decline puts the total rig count down 42 rigs, or 7% below this time last year. Baker Hughes said oil [Read more]
Traders place $760 million bet on falling oil ahead of Hormuz announcement
Investors placed a bet worth about $760 million on a falling oil price around 20 minutes before Iran's foreign minister announced on Friday that the Strait of Hormuz was open, another sizeable wager on the world's most traded commodity ahead of major announcements in the course of the Middle East war. Large, well-timed trades in recent months have drawn concern from U.S. lawmakers and legal experts that decisions around war and diplomacy can give some traders an edge in volatile and opaque [Read more]
How 50 days of the Iran war led to the loss of $50 billion worth of oil
The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago and the aftershock of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations. Iranian Foreign Minister Abbas Araqchi said on Friday the Strait of Hormuz was open following a ceasefire accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come “soon", though the [Read more]
Coelacanth Energy Increases Previously Announced Bought Deal Public Offering to C$80M
Calgary, Alberta--(Newsfile Corp. - April 17, 2026) - Coelacanth Energy Inc. (TSXV: CEI) (the "Company" or "Coelacanth") is pleased to announce that due to strong demand, it has entered into an agreement to increase the size of the previously announced bought deal public offering of common shares with a syndicate of underwriters co-led by Haywood Securities Inc. and Roth Canada, Inc. (the "Co-Lead Underwriters"), as joint bookrunners, and including ATB Capital Markets Corp., Acumen Capital [Read more]
Reactions of industry and leaders to Iran saying Hormuz is open
Iran's foreign minister said the Strait of Hormuz, a critical waterway for transporting global oil and gas, was open for all commercial vessels following a ceasefire accord agreed in Lebanon. Here are some quotes from the shipping industry and world leaders on the Iranian declaration. SHIPPING INDUSTRY: KNUT ARILD HAREIDE, CEO OF THE NORWEGIAN SHIPOWNERS' ASSOCIATION "If this represents a step towards an opening, it is a welcome development. However, the situation remains unresolved, [Read more]
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