While oil and gas are once again flowing through the Strait of Hormuz, the closure of the vital waterway for over 100 days could prove to be a turning point in global energy markets. The Arab oil embargo of 1973, a similarly disruptive supply shock, offers clues about where we might be headed. The latest Middle East crisis tested the limits of the modern energy system, which has evolved over recent decades into a highly interconnected global market held together by thousands of tankers, trading [Read more]
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Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman
Crude prices sank 2% on Friday and were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday. Brent crude futures fell $1.47, or 1.95%, to $73.79 a barrel as of 0421 GMT, while U.S. West Texas Intermediate fell $1.44, or 2%, to $70.48 a barrel. Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, [Read more]
Saudi Aramco resumes oil loading at Ras Tanura after 4-month halt
Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed, in a sign that Middle Eastern producers are pushing forward with plans to boost exports despite a ship attack in the Strait of Hormuz. Middle Eastern producers had been ramping up oil and gas output and exports in the lead-up to the interim deal between the United States and Iran to halt the war and reopen the strait where a fifth of the world's oil [Read more]
Petrus Resources Announces Renewal of Normal Course Issuer Bid
CALGARY, Alberta, June 25, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus") (TSX: PRQ) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted Petrus' notice of intention to renew its normal course issuer bid (the "NCIB"). The NCIB allows Petrus to purchase up to 7,424,183 common shares (representing 5% of Petrus' outstanding common shares as of June 19, 2026) over a period of twelve months commencing on June 30, 2026. On June 19, 2026, Petrus had 148,483,679 [Read more]
Petrus Resources Announces Monthly Activity Update
CALGARY, Alberta, June 25, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the most recent version of the Company’s monthly activity update can be found on the Company's website at https://www.petrusresources.com/monthlyupdates. ABOUT PETRUS Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. FOR FURTHER INFORMATION PLEASE CONTACT: Ken [Read more]
Alberta boosts LPG exports by rail as US summer demand booms
Railway exports of liquefied petroleum gases from the Canadian production hub of Edmonton, Alberta, to refining and trading centers in the United States are unusually high this summer due to strong demand from motor fuel blenders, according to storage broker The Tank Tiger. The out-of-season surge in LPG flows highlights the knock-on effects of the Iran war on energy supply chains around the world, and how some government initiatives to shield consumers from the resulting price shocks have [Read more]
Security of vessels passing outside designated Hormuz routes is not guaranteed, Iranian authority says
Vessels passing outside routes set by the Persian Gulf Strait Authority, a body set up by Iran to manage the Strait of Hormuz, will not be guaranteed safe passage, the authority said in a post on X on Thursday. "Consequences arising from passage through unauthorised routes shall be the responsibility of the owner, operator, and vessel commander", the PGSA said. The PGSA's warning came after British maritime agency UKMTO said that a cargo ship reported a suspected attack near Oman while [Read more]
SpaceX plans to build ‘Starpipe’ natural gas pipeline to fuel Starship rockets
SpaceX plans to begin next month building an eight-mile (13-km) natural gas pipeline called "Starpipe" to its Texas launch facilities, according to county filings, as Elon Musk’s company seeks to ramp up launches of its next-generation Starship rocket. Starpipe, which will end at SpaceX’s Texas company town of Starbase, is expected to be in service by January 26, according to a document filed last month with the Texas Railroad Commission by SpaceX affiliate Lone Star Mineral Development and [Read more]
UN agency says it pauses Hormuz ship evacuation initiative after vessel attacked
The United Nations’ shipping agency on Thursday paused an evacuation effort to get hundreds of stranded ships and thousands of seafarers out through the Strait of Hormuz after a vessel was attacked in the Gulf of Oman. "I have been informed of an attack today in the Gulf of Oman on a vessel which passed through the Strait of Hormuz. This vessel did not transit under IMO’s evacuation framework," Arsenio Dominguez, Secretary-General of the U.N.'s International Maritime Organization (IMO), said [Read more]
Iraq’s SOMO issues tender to sell July-loading oil, traders say
Iraq's state oil marketer SOMO issued a tender on Thursday offering to sell Basra Heavy and Basra Medium oil in July, trade sources said. SOMO has not specified volumes in the tender, they said, adding the tender will close on Saturday. The company is asking buyers to lift oil from its Basra Oil Terminal, inside the Strait of Hormuz. It is asking bidders to offer prices linked to Dated Brent for supplies to Europe, Argus Sour Crude Index (ASCI) for the United States, and an average of [Read more]
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