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The Iran war's energy shock is historic. The real economy has taken it on the chin so far. One of the difficulties in investing around any sudden crisis like the Middle East conflict is that there's very little immediate economic information beyond market sentiment, pricing or anecdotes. By the time reliable data on the economic impact eventually shows up, the crisis is often on the wane. In this case, the most instant jolt was clearly in energy markets and pricing. Global benchmark [Read more]

President Donald Trump staunchly defended his handling of the month-old, U.S.-Israeli war on Iran in a prime-time address on Wednesday, saying the U.S. military was nearing completion of its mission while also reinforcing his threats to bomb the Islamic Republic back to the Stone Age. He delivered his 19-minute speech against a backdrop of high global oil prices and his own low approval ratings. Here are some key takeaways: LOOKING FOR AN EXIT - BUT NOT QUITE YET Trump, facing a war-wary [Read more]

U.S. President Donald Trump told the nation in a televised speech on Wednesday night that the U.S. military had nearly completed the goals it had set out to accomplish in its war with Iran and that the conflict would soon be ending. He added that the U.S. would continue to hit targets in the Islamic Republic over the next two to three weeks. Stocks fell, the dollar firmed and oil rose after Trump's speech. Below are some reactions from investors and analysts: RUSSEL CHESLER, HEAD OF [Read more]

Oil prices climbed more than $4 on Thursday after President Donald Trump said the United States would continue to attack Iran, including energy and oil targets over the next few weeks, and did not commit to a specific timeline to end the war. Brent crude futures rose $4.88, or 4.8%, to $106.04 per barrel by 0200 GMT. U.S. West Texas Intermediate crude futures were up $4.17, or 4.2%, to $104.29 per barrel. The gains come after both benchmarks had fallen more than $1 earlier on Thursday ahead of [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Wednesday. WCS for May delivery in Hardisty, Alberta, settled at $13 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.80 on Tuesday. * The war in Iran has disrupted global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude last month as well as higher outright pricing. * However, global oil [Read more]

U.S. refined products exports hit a record high in March as the Iran war left Europe, Asia and Africa scrambling to fill supply shortfalls created by the near-complete closure of the Strait of Hormuz. Iran has been disrupting shipping in the strait, through which oil and fuel exports flow that represent a fifth of global consumption. The loss of these supplies has forced production cuts at plants in those regions, causing price spikes and threatening an economic slowdown. U.S. exports of [Read more]

TORONTO - Experts at BMO say that as dramatic as the swing in energy prices has been, the global economy should be able to manage through current levels. Chief economist Doug Porter says Canada has just seen the largest monthly gasoline price hike on record but that oil prices, when adjusted for inflation, are around where they largely hovered between 2005 and 2015. Speaking at an online seminar put on by the bank, he said the speed of change is certainly a shock to the system, but that [Read more]