News

The U.S. Department of Energy said on Friday it had loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve to four oil companies, the second allotment under the Trump administration's effort to curb fuel prices that have surged during the U.S.-Israeli war on Iran. The companies that have been awarded SPR loans are Gunvor USA, Phillips 66 Company, Trafigura Trading and Macquarie Commodities Trading, the DOE said. The U.S. had offered on April 1 to loan up to 10 million [Read more]

U.S. energy firms this week cut the number of oil and natural gas rigs operating for the third time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by three to 545 in the week to April 10, the lowest since late March. Baker Hughes said this week's decline puts the total rig count down 38 rigs, or about 7% below this time last year. Baker Hughes said oil rigs held at 411 [Read more]

Britain will convene a latest round of talks with allies next week over ways to free up the Strait of Hormuz to shipping without resorting to paying tolls to Iran, a British official with knowledge of the planned discussions said on Friday. Officials from Britain's foreign ministry were due to meet counterparts from countries which took part in discussions on April 2 that were led by UK Foreign Secretary Yvette Cooper, the official said, speaking on condition of anonymity. The discussions [Read more]

Shale producer Occidental Petroleum said on Friday its worldwide average realized oil prices fell about 1.6% year-on-year in the first quarter, despite higher benchmark crude rates amid Middle East-related energy market disruption. The U.S.-Israel war on Iran has caused a massive disruption of energy supplies as the Strait of Hormuz, a conduit for a fifth of global energy flows, has been effectively closed. Benchmark Brent crude prices averaged $89.62 per barrel during the first quarter, [Read more]

Vice President JD Vance said on Friday he was looking forward to having positive negotiations with Iran as he left for talks in Pakistan with a warning to Tehran not to "play us." "We're looking forward to the negotiation. I think it's going to be positive," Vance told reporters before leaving Washington. "As the president of the United States said, if the Iranians are willing to negotiate in good faith, we're certainly willing to extend the open hand," Vance said. "If they're going to try [Read more]

The majority of ships that have sailed through the Strait of Hormuz in the past day were linked to Iran, ship tracking data showed on Friday, with other vessels putting off making voyages despite a two-week ceasefire agreed this week between Tehran and Washington, according to data and shipping sources. Three tankers – a crude supertanker that can carry 2 million barrels of oil, a bunkering tanker and smaller oil ship – all left Iranian waters in the past 24 hours, based on separate data [Read more]

MONTREAL - High diesel prices continue to ripple through the economy and put pressure on consumers even as a shaky ceasefire in the Middle East offers a hint of relief to global commodities. The average wholesale price of diesel remained more than 55 per cent above pre-war levels in recent days, according to Natural Resources Canada data, despite the U.S. announcement of a two-week pause in hostilities with Iran on Tuesday. While diesel prices are expected to ease somewhat following the [Read more]