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Over 25 million barrels of Iranian oil have passed through the virtual blockade line since Monday, the head of the Iranian National Oil Company Hamid Bovard told state TV on Sunday. (Reporting by Elwely Elwelly Editing by Alexandra Hudson) [Read more]

EDMONTON - Hobbled by more than just low oil prices, Alberta's NDP finance minister limped into the legislature in a cast to deliver a devastating budget. It was 2017, and Joe Ceci had injured his leg competing for face time with a busy premier on an early morning jog. He was Rachel Notley's right hand man in cabinet, and the only New Democrat finance minister in the history of the province. "He ran himself into almost snapping his Achilles, which to be clear, most people never recover [Read more]

Iraq plans to restore crude oil production gradually to the between 4.2 million and 4.3 million barrels per day, Iraq's deputy oil minister for upstream affairs said in a statement on Sunday. The proposed increases would restore output to levels achieved before the Iran war and resulting closure of the Strait of Hormuz. (Reporting by Ahmed Rasheed Writing by Ahmed Tolba in Cairo Editing by David Goodman) [Read more]

Negotiators from the United States and Iran were set to start peace talks in Switzerland on Sunday, even as U.S. officials disputed Iranian claims about closing the key Strait of Hormuz. High-level officials from Iran arrived in Switzerland for peace talks with the U.S., Iranian state media reported, as U.S. Vice President JD Vance departed Washington for meetings that Pakistan said will begin on Sunday. Although the U.S. and Iran had agreed to a 60-day ceasefire while negotiations take place, [Read more]

Iran's top joint military command, Khatam al-Anbiya Central ‌Headquarters, said on Saturday that the Strait of Hormuz would be closed to vessel traffic, citing alleged violations of a ceasefire agreement by the U.S. and Israel, Iran's Mehr state news agency reported. It said that the closure was the "first step" in response to what it described as breaches of commitments and warned that further measures would be taken if "aggression" continued. (Reporting by Muhammad Al Gebaly, Ahmed Tolba, [Read more]

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]