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OTTAWA - High oil and gasoline prices are expected to push inflation higher when Statistics Canada reports its consumer price index for May on Monday. But the devil will be in the details as economists look for any signs that the cost at the gas pump is causing inflation to heat up elsewhere in the economy. TD Bank senior economist Andrew Hencic says gasoline prices rose in May, so that will push inflation higher for the month, but oil prices have since come off their highs in recent [Read more]

Oil shipments through the Strait of Hormuz picked up on Friday after the United States and Iran signed a ceasefire deal, with Gulf producers preparing to raise exports despite concerns over conditions set by Tehran for using the vital waterway. Washington and Tehran released the text of an interim agreement signed on Wednesday to end the conflict, although U.S. President Donald Trump warned he could resume attacks and target Iranian officials if commitments are not honoured. At least four [Read more]

A planned meeting between Iranian and U.S. officials in Switzerland on Friday has been postponed, with arrangements underway for talks in the coming days, Iran's Foreign Ministry said on Friday. The ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides. The ministry spokesperson, Esmaeil Baghaei, added that negotiations on a final agreement would depend on the start and continued [Read more]

Crude oil differentials in Europe that help set the global Brent benchmark have fallen further this week as increased flows through the Strait of Hormuz eased concerns about Middle East supply disruptions, traders and analysts said. U.S. Vice President JD Vance said on Thursday that 12.5 million barrels of oil flowed through the strait after the U.S. and Iran signed an interim deal to end their war. The strait, which carried up to 20 million barrels per day before the war, had been effectively [Read more]

Iran's Strait of Hormuz body said on Friday it would waive planned fees to use the strait during a 60-day negotiation period under the memorandum of understanding signed with the United States this week. Ships seeking passage through the strait while the interim agreement is in force must submit transit requests at least 48 hours before arrival, Iran's Persian Gulf Strait Authority (PGSA) said in a notice. Iran would waive fees for security, safety, environmental services and related [Read more]

Oil prices fell on Friday as prospects brightened for more supply after oil tankers began moving through the reopening Strait of Hormuz following a peace deal between the United States and Iran. By 0328 GMT, Brent crude futures fell 43 cents, or 0.54%, to $79.42 a barrel and U.S. West Texas Intermediate crude slipped 17 cents, or 0.22%, to $76.43 a barrel, with the front-month July contract expiring on Monday. The more actively traded August contract was down 30 cents at $75.55 a [Read more]

Iraq's oilfields are ready to resume production and a return to normal output levels will take place gradually until previous production rates are restored, Oil Minister Basim Mohammed told Iraq's state news agency early on Friday. He said state oil marketer SOMO had contacted all customers to nominate chartered and owned tankers to load contracted Iraqi crude oil cargoes from the country's southern ports. He added that the resumption of exports would be gradual and dependent on the smooth [Read more]