President Donald Trump said on Monday that the ceasefire with Iran was "on life support," after dismissing Tehran's response to a U.S. peace proposal as "stupid." Trump's swift rejection of Iran's response on Sunday has fueled concerns that the 10-week-old conflict will drag on and continue to paralyze shipping through the Strait of Hormuz. "I would call it the weakest right now, after reading that piece of garbage they sent us, I didn't even finish reading it," Trump said of the ceasefire. [Read more]
News
Strait of Hormuz disruption could push oil market recovery into 2027, Aramco CEO says
Disruption to oil exports via the Strait of Hormuz is threatening to delay the market's return to normal until 2027, Saudi Aramco CEO Amin Nasser warned on Monday. "The longer the supply disruptions continue, even for another few more weeks, it is going to take a much longer time for the oil market to rebalance and stabilize," Nasser told analysts on a call to discuss the company's first-quarter results, which were released on Sunday and beat expectations. The recovery could drag into 2027 [Read more]
JP Morgan sees Brent staying in low $100s even if Hormuz reopens in June
JP Morgan expects Brent crude to remain in the low-$100s for much of 2026, even if the Strait of Hormuz reopens in June, as accelerating inventory draws and logistical bottlenecks keep the oil market tight, the bank said in a note. * JP Morgan's revised framework assumes that the pace of oil inventory depletion will ultimately force the Strait to reopen "one way or another," with the bank's base case anchored on a June 1 reopening following a credible announcement confirmed by both [Read more]
Aramco could reach oil production capacity of 12 million bpd in three weeks if required, CEO says
Saudi state oil giant Aramco could reach a maximum sustainable oil production capacity of 12 million barrels per day in three weeks if required, CEO Amin Nasser said on Monday. He said that the energy supply shock that began in the first-quarter was the largest the world has ever experienced, and that if disruption of shipping in the Strait of Hormuz--linked to the U.S.-Iran conflict--continues for a few more weeks, normalization in the oil market would not happen until 2027. (Reporting by [Read more]
Oil market will lose around 100 million barrels every week, if Strait of Hormuz remains closed, Aramco CEO says
The oil market will lose around 100 million barrels every week, if the disruptions in the Strait of Hormuz continue at the current rate and it remains closed, the CEO of Saudi oil giant Aramco, Amin Nasser, said on Monday. "We expect demand rationing to continue as long as supply remains disrupted through the Strait of Hormuz. If normal trade and shipping resume, we anticipate a very robust return to demand growth," he added. (Reporting by Yousef Saba; Editing by Joe Bavier) [Read more]
US natgas futures rise 3% as output falls and Waha prices stay negative
U.S. natural gas futures climbed about 3% to a one-week high on a decline in output in recent weeks. That price increase came despite forecasts for less demand next week than previously expected and ample amounts of gas in storage. Front-month gas futures for June delivery on the New York Mercantile Exchange rose 8.4 cents, or 3.0%, to $2.841 per million British thermal units (mmBtu), putting the contract on track for its highest close since May 4. In the cash market, average prices at the [Read more]
Headwater Exploration Inc. receives Toronto Stock Exchange approval for renewal of normal course issuer bid
CALGARY, AB, May 11, 2026 /CNW/ - Headwater Exploration Inc. (the "Company" or "Headwater") (TSX: HWX) is pleased to announce that the Toronto Stock Exchange ("TSX") has granted approval for Headwater to commence a normal course issuer bid (the "NCIB"). Under the NCIB, Headwater may purchase for cancellation up to 22,287,602 common shares (the "Shares") of Headwater, representing approximately 10% of its 237,762,877 issued and outstanding Shares as at April 30, 2026 less Shares held by [Read more]
Hormuz closure extends well beyond oil to threaten Chinese EVs: Russell
Buyers of electric vehicles and consumers of a diet cola in India may seem to be two groups with little in common, but they are both at risk from the fallout from the ongoing closure of the Strait of Hormuz. The longer the narrow waterway remains closed to most vessels the more pronounced second- and third-round effects will become on the world economy, which is already having to deal with higher prices for refined fuels such as diesel and gasoline and the related inflation this [Read more]
Second Qatari LNG tanker heads through Hormuz to Pakistan as Iran war continues, data shows
A second Qatari liquefied natural gas tanker is transiting the Strait of Hormuz days after the first such cargo crossed under an arrangement involving Iran and Pakistan, highlighting how cargoes are crossing the waterway on a case-by-case basis amid ongoing conflict risks. The vessel, Mihzem, with capacity of 174,000 cubic metres, departed Ras Laffan and is heading northeast toward Port Qasim in Pakistan, where it is expected to arrive on May 12, according to LSEG shipping data. This would be [Read more]
Rubellite Energy Corp. reports first quarter 2026 financial and operating results, provides operations update and second quarter and full year 2026 guidance
CALGARY, AB, May 11, 2026 /CNW/ - (TSX: RBY) – Rubellite Energy Corp. ("Rubellite" or the "Company"), is pleased to report its first quarter 2026 financial and operating results and provide an operations and guidance update. Select financial and operational information is outlined below and should be read in conjunction with Rubellite's unaudited condensed consolidated interim financial statements and related Management's Discussion and Analysis ("MD&A") for the three months [Read more]
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