News

British energy major BP has received approval from the Trump administration to advance its Kaskida project in the Gulf of Mexico, a company spokesperson told Reuters in an emailed statement late on Friday. The $5 billion investment would unlock 10 billion barrels of resources that BP has discovered in the Paleogene fields of the U.S. Gulf, the spokesperson said. The U.S. Department of the Interior's approval of Kaskida follows a year-long review of the company's development plan, the [Read more]

Some oil loading operations have been suspended in the United Arab Emirates' Fujairah emirate, a major bunkering hub, industry and trade sources said, after a fire broke out there on Saturday. The fire occurred after debris fell during the interception of a drone, but no injuries were reported, the emirate's media office said. Civil defence forces are handling the incident to contain the fire, it added. Authorities did not provide any information about the reported suspension of [Read more]

U.S. President Donald Trump said on Saturday that many countries would send warships to keep the Strait of Hormuz open, but did not provide details on which countries would do so. "Many Countries, especially those who are affected by Iran’s attempted closure of the Hormuz Strait, will be sending War Ships, in conjunction with the United States of America, to keep the Strait open and safe," Trump wrote in a post on Truth Social. Trump said he hoped that China, France, Japan, South Korea, [Read more]

The Trump administration said on Friday it expects early deliveries of oil from the U.S. strategic petroleum reserve to reach the market by the end of next week as part of an effort to combat the energy price spike since the start of the Iran war. The oil will be released in the form of loans that companies will return with extra barrels as a premium, the U.S. Energy Department said in a statement. This system was meant to stabilize markets "at no cost to American taxpayers," it said. The [Read more]

U.S. President Donald Trump on Friday Said on Friday that the United States carried out strikes against "every military target" on Iran's Kharg Island export hub. "For reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island," Trump wrote on Truth Social. "However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision." (Reporting by Ismail [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for April delivery in Hardisty, Alberta, settled at $13.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.15 on Thursday. * The war in Iran has disrupted global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude this month. * Canada will support the International Energy Agency's [Read more]

  OTTAWA, ON, March 13, 2026 /CNW/ - Global energy markets are facing significant volatility following disruptions in the Strait of Hormuz. In response, the 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to a co-ordinated release of oil stocks to help stabilize energy markets and supply around the world. This represents the largest-ever oil stock release in the IEA's history. Canada meets our IEA responsibilities through our role as a [Read more]