The fragile truce in the Middle East was in jeopardy on Tuesday after the U.S. and Iran launched new attacks as they wrestled for control of the Strait of Hormuz. The U.S. military said on Monday it destroyed six Iranian small boats, as well as cruise missiles and drones, after President Donald Trump sent the navy to escort stranded tankers through the strait in a campaign he called "Project Freedom". Iran's parliament speaker, Mohammad Baqer Qalibaf, said in a social media post on Tuesday [Read more]
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International Petroleum Corporation Announces First Quarter 2026 Financial and Operational Results
International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) today released its financial and operational results and related management’s discussion and analysis (MD&A) for the three months ended March 31, 2026. William Lundin, IPC's President and Chief Executive Officer, comments: “We have seen substantial increases in international commodity prices through March 2026 and into the second quarter, mainly as a result of the conflicts in the Middle East. IPC [Read more]
IMF chief Georgieva warns of ‘much worse outcome’ if Middle East war drags into 2027
The head of the International Monetary Fund on Monday warned that inflation was already picking up and the global economy could face a "much worse outcome" if the war in the Middle East drags into 2027 and oil prices hit around $125 per barrel. IMF Managing Director Kristalina Georgieva said the continuation of the war meant that the global lender's "reference scenario" assuming a short-lived conflict - which forecast a minor growth slowdown to 3.1% and a minor increase in prices to 4.4% - [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Monday. WCS for June delivery in Hardisty, Alberta, settled at $16.25 a barrel, below the U.S. benchmark WTI, according to brokerage CalRock, compared to $16.30 on Friday. * While the discount has narrowed, the price marks the steep differential for heavy Canadian crude since the start of the U.S. war on Iran. * The WCS differential has been volatile since the start of [Read more]
Imperial reports voting results for election of directors
CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced at its annual meeting of shareholders held on May 4, 2026, that each of the seven nominees proposed as directors of the company and listed in its management proxy circular dated March 13, 2026 were elected as directors. A total of 448,035,687 shares (92.65 percent of outstanding common shares) were represented in person or by proxy. The shares represented at the meeting that were voted to elect the [Read more]
Parex Resources Provides Update on the Acquisition of Frontera E&P
CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to provide an update on the previously announced Frontera acquisition, pursuant to which Parex would acquire 100% of Frontera Petroleum International Holdings B.V. (“Frontera E&P”), for upfront cash consideration of US$500 million, the assumption of US$225 million of net debt, and a contingent payment of US$25 million (the “Transaction”). On April 30, 2026, a Special [Read more]
Parex Resources Announces Expansion of Ecopetrol Strategic Partnership with the Addition of Producing Assets in the Magdalena Basin
CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) and its strategic partner Ecopetrol S.A. (“Ecopetrol”), are pleased to announce that they have executed an agreement whereby Parex expects to earn a 50% participating share in the Casabe and Llanito blocks in the Magdalena Basin of Colombia, in exchange for a commitment to invest a gross capital program of $250 million ($125 million carry capital) over five years. All amounts herein are [Read more]
Oil prices jump 6% as Iran sets UAE oil port ablaze, strikes vessels in Strait of Hormuz
Oil prices jumped about 6% on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the past 24 hours, the most serious escalation since a U.S.-Iran ceasefire came into force in early April. Brent futures rose $6.27, or 5.8%, to settle at $114.44 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $4.48, or 4.4%, to settle at $106.42. Iran hit several ships in the Strait of Hormuz on Monday and set a UAE oil port ablaze, as President [Read more]
Chevron CEO says physical shortages in oil supply to begin appearing
Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes. Economies will begin shrinking, first in Asia, as demand adjusts to reduced supply with the strait still closed because of the U.S.-Israeli war with Iran, Wirth said during a discussion sponsored by the Milken Institute. "We will start to see physical shortages," Wirth [Read more]
Diamondback boosts annual production outlook as oil prices rally
U.S. shale producer Diamondback Energy raised its annual production forecast on Monday, after beating Wall Street expectations for first-quarter profit on a rally in oil prices. The first quarter was marked by geopolitical uncertainty and extreme volatility in oil prices, which have surged more than 87% this year after the U.S.-Israeli war on Iran disrupted supply chains and damaged key energy infrastructure. Although Diamondback's operations are based in the U.S., the company benefits [Read more]
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