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Goldman Sachs raised its Brent and WTI crude oil price forecasts for the fourth quarter of 2026 to $71/67 per barrel from $66/62 as it sees longer disruption to oil flows in the Strait of Hormuz due to the U.S.-Israeli war on Iran. Brent prices have gained more than 36% since the war began on February 28, while WTI has risen about 39%. Both benchmarks briefly topped $119 on Monday, their highest levels since mid-2022. The fighting has effectively shut the Strait of Hormuz, leaving tankers [Read more]

Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the U.S.-Israeli war on Iran. Brent futures rose $5.69, or 6.19%, to $97.67 a barrel at 0118 GMT, and U.S. West Texas Intermediate (WTI) crude was up $5.11, or 5.86%, to $92.36. Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq's territorial waters, causing them to catch fire, the director [Read more]

The United States and Iran have signaled no quick end to their war, with U.S. President Donald Trump saying it was necessary to finish the job and Iran warning that the world should be ready for oil at $200 a barrel after striking tankers in Iraqi waters and other ships near the vital Strait of Hormuz. The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global [Read more]

The International Energy Agency’s plan to release 400 million barrels of oil reserves is unprecedented in scale and desperately needed to blunt the devastating supply shock triggered by the Iran war. But it will offer only limited relief as long as energy exports from the Middle East remain blocked. The IEA said on Wednesday that its 32 member countries unanimously agreed to move forward with the biggest collective drawdown ever from their strategic petroleum reserves (SPR). The release is [Read more]

OTTAWA, ON, March 11, 2026 /CNW/ -  As a major energy producer and exporter, Canada is well positioned to help support energy stability during a period of heightened volatility in global energy markets, linked to military actions in the Middle East and disruption in the Strait of Hormuz. The current situation reinforces the fact that our allies are looking for stable, reliable energy suppliers in an increasingly uncertain world. That means doubling down on what Canada can do to enhance [Read more]

U.S. companies face structurally higher oil prices this year even if the Iran war ends soon, meaning investors may need to rethink those sunny 2026 corporate earnings forecasts. Heading into the year, the consensus 2026 outlook for oil was fairly bearish, while the earnings forecasts for Wall Street were pretty optimistic. The latter hasn't changed. As of Friday, full-year 2026 earnings growth estimates, according to LSEG data, were nearly 16%, up from 14% last year and 12% the year [Read more]

The U.S. will release 172 million barrels of oil from its strategic petroleum reserve in a bid to reduce oil prices that have soared due to supply shocks from the U.S.-Israeli war on Iran, U.S. Energy Secretary Chris Wright said on Wednesday. Wright said the release is part of a broader release of 400 million barrels of oil agreed to by the 32-nation International Energy Agency earlier in the day. Wright said the release will begin next week and will take about 120 days to deliver. The [Read more]