News

Oil loading operations at the United Arab Emirates' Fujairah emirate, a major bunkering hub and crude export terminal, have resumed following a drone attack and fire on Saturday, a Fujairah-based industry source told Reuters. Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day of the UAE's Murban crude oil - a volume equal to about 1% of world demand. Abu Dhabi state oil giant ADNOC, which operates in the emirate, did not immediately respond to a request [Read more]

U.S. Energy Secretary Chris Wright said on Sunday that he expects the U.S. war with Iran to end within "the next few weeks," with oil supplies rebounding and energy costs declining afterwards. "I think that this conflict will certainly come to the end in the next few weeks - could be sooner than that. But the conflict will come to the end in the next few weeks, and we'll see a rebound in supplies and a pushing down in prices after that," Wright told ABC's "This Week" program. (Reporting by [Read more]

Iraq’s oil ministry said the Kurdistan Regional Government had refused to let it use a pipeline as an alternative route for crude flows disrupted by the Iran conflict, accusing authorities there of putting up irrelevant conditions. A senior Kurdish government official told Reuters authorities there would be happy for the Iraqi government to use the pipeline, but said Baghdad first needed to lift what he called a "dollar embargo" on the region. "We want a deal. We want to help Iraq and bring [Read more]

U.S. President Donald Trump threatened further strikes on Iran's Kharg Island oil export hub and urged allies to send warships to secure the Strait of Hormuz, as Tehran vowed to step up its response and the war showed no sign on Sunday of coming to an end. Trump said the U.S. strikes had "totally demolished" most of Kharg Island and warned that more could follow, telling NBC News, "We may hit it a few more times just for fun." While he said Tehran appeared ready to make a deal to end the [Read more]

United States forces executed a large-scale precision strike on Kharg Island in Iran on Friday night, the U.S. Central Command said on Saturday. "U.S. forces successfully struck more than 90 Iranian military targets on Kharg Island, while preserving the oil infrastructure," CENTCOM said. The strike destroyed naval mine storage facilities, missile storage bunkers, and multiple other military sites, the U.S. military said in a post on X. President Donald Trump threatenedon Friday to [Read more]

Kharg Island, where U.S. forces on Friday destroyed military targets, is the hub for 90% of Iran's oil exports and has long been seen as a key vulnerability that would provoke a severe response by Tehran if attacked. President Donald Trump said on social media that the U.S. "totally obliterated every MILITARY target" on Kharg and threatened that oil infrastructure could be targeted if Iran continues to interfere with shipping in the Strait of Hormuz. Iran, which ramped up oil output in the [Read more]

Some oil-loading operations have been suspended in the United Arab Emirates' Fujairah port, a major global hub for refuelling ships as well as crude and fuel exports, after a drone attack and fire on Saturday. WHY DOES FUJAIRAH MATTER GLOBALLY? Fujairah exported more than 1.7 million barrels per day of crude oil and refined fuels on average last year, according to Kpler data, a volume equal to about 1.7% of daily world demand. The port is located on the Gulf of Oman, approximately 70 [Read more]

OTTAWA - The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week. Economists say the central bank faces choppy waters in setting monetary policy this year, as a surprise spike in unemployment and weakness elsewhere in the economy weigh against fresh inflation risks from a global oil price shock. The Bank of Canada's policy rate stands at 2.25 per [Read more]