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U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on Wednesday if Iran or Israel, the U.S. ally in the two-month war, would agree. Trump said in a statement on social media the U.S. had agreed to a request by Pakistani mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal... and discussions are concluded, one [Read more]

Military planners from more than 30 countries will hold two-day talks in London from Wednesday to advance a mission to reopen the Strait of Hormuz and draw up detailed plans, the British government said. More than a dozen countries said last week they were willing to join an international mission, led by Britain and France, to protect ‌shipping in the Strait of Hormuz when conditions permit. The commitment came after some 50 countries from Europe, Asia and the Middle East joined a video [Read more]

CALGARY - A new report from Enverus says Western Canadian oil production can grow by about one million barrels a day over the next seven years. The research firm says the growth will be mostly driven by expansions to existing steam-driven oilsands projects. The report notes it can take years to plan and build such a project, so producers have a limited ability to take advantage of the surge in global crude oil projects driven by the war in the Middle East. West Texas Intermediate crude [Read more]

China will have to return to buying large volumes of oil within three weeks after being a big seller during the peak of the Iran supply crisis, the head of Mercuria, one of the world's largest energy traders, told the FT Commodities Summit. Marco Dunand said China was selling commercial stocks it had accumulated before the crisis. (Reporting by Dmitry Zhdannikov and Robert Harvey Editing by David Goodman ) [Read more]

Saudi Arabia's crude oil exports rose to 7.276 million barrels per day in February, from 6.993 million bpd in January, while crude output hit its highest level since October 2022, Joint Organizations Data Initiative (JODI) data showed on Tuesday. Saudi production in February was about 10.882 million bpd, the JODI data showed, up from 10.100 million bpd in January. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) [Read more]