Oil prices fell over $1 on Friday, extending losses from the previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11. Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying [Read more]
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Goldman lowers 2027 Brent oil forecast on supply growth, demand risks
Goldman Sachs on Thursday lowered its 2027 average Brent oil price forecast to $80 a barrel, citing stronger supply growth and persistent demand weakness, even as it warned prices could swing sharply under different geopolitical scenarios. The bank highlighted rising output from the United States, Brazil, Guyana, Venezuela and the UAE, alongside structural demand shifts, particularly in China. "We assume that just over 10% of the demand weakness persists as China's shift to alternatives [Read more]
Discount on Western Canada Select tightens to narrowest since November
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures tightened again on Thursday to its narrowest point since November. WCS for July delivery in Hardisty, Alberta, settled at $11.65 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $11.90 a barrel on Wednesday. * The WCS differential has narrowed by approximately $4 since mid-May. * Wet weather and a power outage that affected oil sands producer [Read more]
Global Energy Show Canada 2026 Convenes Global Energy Leaders to Advance Investment, Partnerships and Energy Security
More than 38,000 attendees from over 100 countries gathered in Calgary for Global Energy Show Canada 2026 Event generated an estimated $70.6 million in economic impact for Calgary and area More than 500 exhibitors showcased the scale and diversity of today's energy sector Global Energy Show Canada will take place next year from June 8 to 10, 2027 CALGARY, Alberta, June 11, 2026 (GLOBE NEWSWIRE) -- Global Energy Show Canada 2026 concluded today after welcoming more than 38,000 [Read more]
Canada oil outages and bad weather to tighten inventories at key US storage hub
Wet weather and a power outage at a major oil sands producer have contributed to crude export supply tightness out of Western Canada, which could tighten supplies to the key Cushing storage hub in Oklahoma and to U.S. Midwest refineries. Supply disruptions in Western Canada are adding to an already tight global market as a fifth of the global oil and gas shipments are stuck behind the Strait of Hormuz due to the U.S./Israel war in Iran. U.S. crude inventories, including those from strategic [Read more]
Trump says he believes Iran’s supreme leader has approved deal with US
U.S. President Donald Trump on Thursday said he believed Iran's Supreme Leader Mojtaba Khamenei had approved a deal with the U.S. that would trigger the opening of the Strait of Hormuz and the lifting of a U.S. blockade on Iranian ports. When asked by a reporter at the White House whether Khamenei had approved the deal, Trump said: "I understand the answer is yes." Trump described the deal as "a very strong memorandum of understanding," adding it was "a little conceptual, but it's [Read more]
Trump says great settlement on Iran to be signed soon and strait will open
U.S. President Donald Trump said on Thursday the Strait of Hormuz would be opened as soon as a "great settlement" of the war in Iran was signed, an event he said he expected would happen within days. "We just made a great settlement of the war with Iran", Trump told reporters in the Oval Office. "The strait will officially open as soon as we sign, which could be soon, very soon, maybe over the weekend in Europe," he said. (Reporting by Humeyra Pamuk, Katharine Jackson; Editing by David [Read more]
Alberta court fines Imperial Oil for Kearl spill breach
Canada's Imperial Oil was fined C$120,000 ($85,849.19) after pleading guilty in an Alberta court to breaching environmental regulations tied to an industrial wastewater overflow at its Kearl oil sands site, the province's energy regulator said on Thursday. Following a May 29 hearing in the Alberta Court of Justice, the Canadian oil producer was ordered to pay C$2,000 in fines, including a victim surcharge, along with C$118,000 towards a creative sentencing project, according to the Alberta [Read more]
New ‘green island’ to grow in Alberta’s Industrial Heartland
Pipeline operator Keyera helping establish forest the size of 50 football fields By Will Gibson on June 8, 2026, 10:50 am MDT Keyera and Project Forest will plant native species, with balsam poplar and white birch accounting for the majority of trees along with white spruce and western mountain ash. Photo by Nicole Logan on Unsplash A new forest will soon take root near Edmonton, creating a “green island” within Alberta’s Industrial Heartland. Roughly the size of 50 Canadian [Read more]
Trump cancels strikes against Iran planned for Thursday evening
U.S. President Donald Trump said he hascanceled planned strikes against Iran on Thursday, hours after threatening more bombings and a desire to "take" oil export hub Kharg Island. "Based on the fact that discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved, I have, as President of the United States of America, cancelled the scheduled strikes and bombings against Iran this evening," Trump wrote in a post on Truth [Read more]
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