President Donald Trump on Friday said the United States had agreed to talks with Iran after Tehran asked to continue negotiations, while stressing that the June ceasefire between the two nations was over. "The Islamic Republic of Iran has asked us to continue 'talks.' We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!" Trump wrote in a post on Truth Social. The U.S. and Iran traded strikes this week, with the Iranian armed [Read more]
News
Keeping cool: How Meta plans to cut down on water use at its Alberta data centre
CALGARY - A Meta Platforms Inc. executive garnered applause at a news conference this week after he boasted that a gargantuan data centre planned for north of Edmonton would use less water annually than a typical Alberta golf course. The tech behemoth was announcing a $13-billion-plus investment in a complex the size of 33 Canadian Football League fields. It will be powered by a new natural gas plant that could eventually produce more electricity than what the City of Edmonton uses. The [Read more]
Tanker traffic slows in Strait of Hormuz after US and Iran clashes
Daily tanker traffic in the Strait of Hormuz appeared to have slowed on Friday, after the U.S. and Iran exchanged hostilities this week and renewed their arguments over who was in control of passage through the critical waterway. The attacks renewed concerns about the recovery of global oil supplies and shipping, and highlighted the fragility of an interim truce while the U.S. and Iran hammer out a lasting agreement. Oil prices eased on Friday but remained on track for weekly gains of 4-5% [Read more]
Prime Minister of Canada Mark Carney and the Crown Prince and Prime Minister of Saudi Arabia, His Royal Highness Mohammed bin Salman commit to deepening bilateral engagement and economic cooperation
JEDDAH, Saudi Arabia, July 9, 2026 /CNW/ - "At the invitation of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Right Honourable Mark Carney, Prime Minister of Canada, made an official visit to Jeddah, the Kingdom of Saudi Arabia during the period of (23-25) Muharram 1448 AH corresponding to (8-10) July 2026. Leaders agreed to elevate bilateral ties and set clear priorities for a deeper and sustained cooperation across trade, [Read more]
Iran escalation could threaten 2027 oil market surplus, IEA says
A recent escalation of hostilities between the U.S. and Iran could upend the International Energy Agency's forecast of a significant oil market surplus next year, it said on Friday, as global supply jumped in June when the Strait of Hormuz reopened but still lagged pre-war levels. Global oil markets received some respite last month as a peace agreement between the U.S. and Iran facilitated the opening of the Strait, the effective closure of which had taken out as much as 14 million barrels [Read more]
Oil heads for weekly gain as Middle East supply risks persist
Oil prices rose on Friday and were set for weekly gains because of renewed fears of supply disruptions from the key Middle East producing region after renewed fighting between the U.S. and Iran this week curtailed shipping in the Strait of Hormuz. Brent futures were up 19 cents, or 0.25%, to $76.49 a barrel by 0319 GMT. U.S. West Texas Intermediate (WTI) crude gained 19 cents, or 0.26%, to $72.27. For the week, Brent was set for a gain of about 6% and WTI was headed for a 5% increase. "Prices [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 Thursday. WCS for August delivery in Hardisty, Alberta, settled at $14.30 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.40 on Wednesday. * The discount remains significantly wider than it was in June, due to the partial reopening of the Strait of Hormuz and the ongoing weakness in China's import appetite, which is hurting demand for [Read more]
Fuel markets flash supply crunch despite calmer oil prices
Gasoline and diesel markets are signalling a fuel supply crunch despite relatively subdued crude oil prices, suggesting the energy shock from the Iran war may be far from over. Energy prices surged after the U.S.-Israeli war on Iran led to the effective closure of the Strait of Hormuz, which carried about a fifth of global oil supplies before the conflict. But while crude prices fell sharply after last month's ceasefire deal — and have risen relatively modestly on bursts of renewed [Read more]
Carney pitches tighter Canada-Saudi mining and energy ties
Mark Carney, making the first visit to Saudi Arabia by a Canadian prime minister for 26 years, on Thursday said the two nations were well-placed to deepen mining and energy ties. * Carney, who says U.S. tariffs on key exports mean Canada must diversify its trade, has made a series of foreign visits over the last year in a bid to drum up business. * Carney told a televised business forum that Saudi Arabia could help Canadian mining firms develop. * Carney met Amin Nasser, head of state [Read more]
Strategic oil reserve buying set to support crude demand through 2028
Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said. This could boost demand for crude that would absorb some of the expected global supply surplus following OPEC+'s decision to increase output, they say. Governments drew down emergency reserves after supply disruptions linked to the conflict removed an estimated 1.5 billion barrels [Read more]
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