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Trump administration officials are working on a deal to secure long-term access to a portion of Venezuela's crude reserves, sources with knowledge of the negotiations said on Thursday, a move that could ultimately lower the cost of oil imports. The agreement, which could be signed and made public soon, is expected to operate in a way that would let the U.S. government lock in a group of Venezuelan oilfields to be developed by American companies, the sources said, adding that the resulting [Read more]

President Donald Trump is expected to meet with U.S. refiners and fuel retailers next week to highlight efforts to lower gasoline prices, as his administration seeks to ease pressure on consumers from the Iran war ahead of November's congressional midterm elections, people familiar with the matter said. The political stakes are high for Trump and his fellow Republicans, who are trying to defend narrow majorities in Congress in November. The war with Iran has become increasingly unpopular, while [Read more]

SASKATOON - Inflated oil prices from war in the Middle East were not enough to pump Saskatchewan's budget out of a projected deficit, which stayed nearly static at $825.2-million. Original budget projections made in March for the 2026-27 fiscal year put the province in an $819.4-million deficit. In the provincial fiscal update Thursday, both Saskatchewan's expected annual revenue and expenses rose for the fiscal year, ending in March 2027. Saskatchewan budgeted West Texas Intermediate – [Read more]

The Trump administration is in talks with Venezuela's interim government about taking an ownership stake in the South American country's oil resources, Axios reported on Thursday, citing two U.S. officials. A deal is still being worked out, but discussions are focused on more than a dozen productive oil fields owned by former Venezuelan insiders and interests previously controlled by China, according to Axios. In return for giving the U.S. an ownership stake that would more than double its [Read more]

CALGARY - Alberta’s finances have swung back in the black after war in the Middle East sent global energy prices surging. The province’s latest fiscal update predicts a $2-billion surplus — a huge turnaround from the $9.4-billion deficit originally expected for the 2026 fiscal year. It's the latest reversal of fortune for the oil-rich province perennially tied to international energy markets. Six months ago, the province anticipated West Texas Intermediate – the North American benchmark [Read more]

The United States and Iran are not currently in talks to end the war as Washington focuses on pressuring Tehran economically, but all options remain "on the table," White House press secretary Karoline Leavitt said in an interview with Fox News on Thursday. "What President Trump's number one goal has been and will always be is to ensure that Iran can never obtain a nuclear weapon. Period. And so we've had Operation Epic Fury to destroy their military. Now we have Operation Economic Outcast to [Read more]