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U.S. President Donald Trump's address to the nation on Wednesday, in which he vowed more aggressive strikes on Iran, has put consumers on course for record fuel prices at the pumps just ahead of the country's peak summer travel season, market experts said. Americans expected Trump's speech to outline a plan to end the Iran war and reopen the Strait of Hormuz, as Iran's blockade of the global oil conduit has sent oil and fuel prices skyrocketing, pinching consumers' wallets. But instead, Trump [Read more]

Detentions of Panama-flagged vessels by China that followed a Panamanian court ruling raise serious concerns about efforts to undermine rule of law in the Latin American country, U.S. Secretary of State Marco Rubio said on Thursday. The U.S. Federal Maritime Commission said last week that it was closely monitoring a surge in detentions of Panama-flagged vessels in China that appears tied to a Panama court ruling against Hong Kong-based port operator CK Hutchison. "China's recent actions [Read more]

BP named Carol Howle as deputy chief executive on Thursday and said she would oversee the company's ongoing portfolio review and strategy development. Howle, who served as interim chief executive before Meg O'Neill started the top job on Wednesday, will also return to her former role as head of supply, trading and shipping. BP is undergoing a major strategy shift after pivoting back to a focus on oil and gas a year ago following an ill-fated foray into renewables. It has cut billions of [Read more]

OTTAWA - The Conservative Party of Canada is calling on Ottawa to drop the federal tax on gas and diesel fuel for the rest of the year. Conservative Leader Pierre Poilievre said Thursday that lifting the Fuel Excise Tax, Clean Fuel Standard and GST surcharges from gas and diesel would save about 25 cents a litre. Poilievre estimated the resulting reduction in tax revenue at $5.25 billion. The party said it would permanently eliminate the Clean Fuel Standard after 2026. Poilievre said [Read more]

The United States is not engaged in any discussions to release additional crude oil from strategic stockpiles, an Energy Department official said on Thursday. The International Energy Agency has said it is considering another coordinated release to address supply disruptions stemming from the war in Iran, after its ⁠members in March agreed to release a record 400 million barrels. (Reporting by Richard Valdmanis) [Read more]

March 7, 2026 – HALIFAX, NS – Details of a new significant cost-sharing incentive – including full reimbursement of the first $2 million per well are now available as part of the Call For Participation issued by the Nova Scotia Subsurface Energy Research and Development Investment Program. “Nova Scotia has enough onshore natural gas to meet our needs for 200 years,” said Premier Tim Houston. “Yet we currently import all our natural gas from or through the U.S., exposing the province to market [Read more]

Around 40 countries are discussing joint action to reopen the Strait of Hormuz, Britain said on Thursday, after U.S. President Donald Trump said securing the waterway was a problem for other nations to resolve. British foreign minister Yvette Cooper chaired the virtual meeting, which included France, Germany, Canada, the United Arab Emirates and India and began around midday in London. "We are focusing on the diplomatic and international planning measures, including collective mobilisation [Read more]

Oil prices surged and global equity and bond markets recoiled again on Thursday after U.S. President Donald Trump dashed hopes of a swift resolution to the Middle East war. Brent crude jumpedmore than 7% to trade near $108 a barrel after Trump said in a prime-time address that the U.S. would hit Iran "extremely hard" in the coming weeks and "bring them back to the Stone Ages where they belong". Although he also said the U.S. campaign was nearing an end, the renewed rhetoric left Europe's [Read more]

Russia is ready to contribute to resolving the Iran conflict and President Vladimir Putin is continuing to talk with regional leaders, Kremlin spokesman Dmitry Peskov said on Thursday. "The president is continuing these contacts, and if our services are somehow required, we are, of course, ready to make our contribution to ensuring that the military situation transitions to a peaceful course as soon as possible," Peskov told reporters. Peskov was responding to a question about U.S. [Read more]