The war that closed the Strait of Hormuz has ended - for now. But Tehran's demand to act as toll booth keeper at the world's most critical oil chokepoint could leave energy markets vulnerable and hardwire higher prices for years to come. The U.S. and Iran agreed on Tuesday to a two-week ceasefire brokered by Pakistan, subject to Tehran pausing its blockade of oil and gas traffic through the strait, according to U.S. President Donald Trump. An Iranian official said on Wednesday that the vital [Read more]
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Lycos Energy Inc. Announces 2025 Results
Calgary, Alberta--(Newsfile Corp. - April 8, 2026) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce its operating and financial results for the three months and year ended December 31, 2025. Selected financial and operating information is outlined below and should be read with Lycos' audited annual consolidated financial statements, related management's discussion and analysis ("MD&A") for the three months and year ended December 31, 2025, and annual [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Wednesday. WCS for May delivery in Hardisty, Alberta, settled at $14.90 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $16.65 on Tuesday. * The WCS differential narrowed on Wednesday after trading on Tuesday at its steepest discount since early 2024. * The differential had widened as the price of the North American benchmark WTI [Read more]
Shaky US-Iran ceasefire in doubt as Israel pounds Lebanon
(Recasts with Iranian comments, paragraphs 1-12, updates oil prices, updates bullets) * Ceasefire fails to halt Israel-Hezbollah fighting, Israeli strikes kill 254 in Lebanon * US, Iran declare victory but core disputes unresolved, Strait of Hormuz remains restricted * Financial markets rally on truce, oil prices drop 14%, stock markets surge * US and Iran set for talks in Pakistan as the nations dispute nuclear terms By Steve Holland, Parisa Hafezi, Alexander Cornwell and Maya [Read more]
US crude output to fall next decade on sub-$70 Brent price forecast, EIA says
U.S. crude production is expected to decline through the mid-2030s, with global crude futures trading below $70 per barrel through 2030, the U.S. Energy Information Administration said in its Annual Energy Outlook on Wednesday. The U.S. is expected to produce between 12.4 million and 12.7 million barrels per day of crude by 2050, compared with 13.6 million bpd produced in 2025, with the Permian Basin accounting for most onshore output. Production is expected to hit a peak of 13.62 million bpd [Read more]
Suncor Energy confirms steam leak at Firebag oil sands site, says incident is resolved
* Canada's Suncor Energy confirmed on Wednesday that an uncontrolled steam leak occurred from a well at its Firebag oil sands site in northern Alberta last week. * A Suncor spokesperson said the well issue is now resolved and production at the site is unaffected. Firebag produces up to 215,000 barrels per day, according to Suncor's website. * Suncor said the release of steam resulted in "mist" falling onto the associated well pad and migrating onto property outside of the Firebag [Read more]
As Trump claims victory, Iran emerges bruised but powerful with leverage over Hormuz
Nearly six weeks of war in Iran have ended, for now, with President Donald Trump claiming victory, but the U.S.-Iran ceasefire locks in a harsh reality: an entrenched, radical government with control over the Strait of Hormuz and a powerful lever over global energy markets and Gulf rivals, analysts say. The shockwaves have rippled outward, contributing to global economic strains and bringing conflict to Gulf neighbours whose economies depend on stability. "This war will be remembered as [Read more]
Gulf’s ‘worst-case scenario’?
When the history books of the Iran war are written, Tuesday night into Wednesday morning may well rank among the most anxious hours for the modern Gulf. After U.S. President Donald Trump warned Iranians that “a whole civilization will die tonight”, residents from Kuwait to Abu Dhabi, whether lying sleepless or jolted awake, heard alerts screech as air defenses again responded to incoming missiles. Governments, markets and millions of people braced for the possibility of a conflict threatening [Read more]
Competition Bureau obtains court order in investigation into Keyera-Plains deal
GATINEAU - The Competition Bureau says it has obtained a court order to gather information related to Keyera Corp.'s proposed deal to buy the Canadian natural gas liquids business of U.S. firm Plains. The watchdog, which opened a review into the potential merger last June, says it is investigating whether the proposed $5.15-billion transaction would likely result "in a substantial lessening or prevention of competition in the Canadian oil and gas industry." The bureau is also assessing [Read more]
Oil prices drop sharply, but drivers won’t see any relief at the pumps for a few days
CALGARY - The price of crude oil fell sharply after the U.S., Israel and Iran agreed to a ceasefire, but the drop is not being reflected at gas station pumps — yet. West Texas Intermediate crude is trading nearly 18 per cent lower than it was a day earlier at about US$95 per barrel. Price tracking website Gasbuddy.com says the average Canadian price for a litre of regular unleaded gas was actually almost two cents higher than it was a day earlier at about $1.85 per litre. Gasbuddy.com [Read more]
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