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The Trump administration said on Friday it expects early deliveries of oil from the U.S. strategic petroleum reserve to reach the market by the end of next week as part of an effort to combat the energy price spike since the start of the Iran war. The oil will be released in the form of loans that companies will return with extra barrels as a premium, the U.S. Energy Department said in a statement. This system was meant to stabilize markets "at no cost to American taxpayers," it said. The [Read more]

U.S. President Donald Trump on Friday Said on Friday that the United States carried out strikes against "every military target" on Iran's Kharg Island export hub. "For reasons of decency, I have chosen NOT to wipe out the Oil Infrastructure on the Island," Trump wrote on Truth Social. "However, should Iran, or anyone else, do anything to interfere with the Free and Safe Passage of Ships through the Strait of Hormuz, I will immediately reconsider this decision." (Reporting by Ismail [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for April delivery in Hardisty, Alberta, settled at $13.20 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $13.15 on Thursday. * The war in Iran has disrupted global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude this month. * Canada will support the International Energy Agency's [Read more]

  OTTAWA, ON, March 13, 2026 /CNW/ - Global energy markets are facing significant volatility following disruptions in the Strait of Hormuz. In response, the 32 member countries of the International Energy Agency (IEA), including Canada, have agreed to a co-ordinated release of oil stocks to help stabilize energy markets and supply around the world. This represents the largest-ever oil stock release in the IEA's history. Canada meets our IEA responsibilities through our role as a [Read more]

Iran has allowed two Indian-flagged liquefied petroleum gas carriers to sail through the Strait of Hormuz, four sources with direct knowledge of the matter said, a rare exception to the Iranian blockade that has disrupted global energy supplies. The Indian-flagged LPG tanker Shivalik crossed the Strait under escort from the Indian Navy, said two of the sources, and the second vessel, Nanda Devi, was expected to clear in the next few hours. Since the United States and Israel launched a [Read more]

Crude futures climbed higher on Friday as the Strait of Hormuz remained closed, but analysts were wary the weekend might bring surprise changes in the status of the war two weeks after it started. Brent futures for May were up $1.59, or 1.58%, to $102.05 a barrel at 11:35 a.m. CDT (1635 GMT), heading for a weekly increase. U.S. West Texas Intermediate (WTI) crude for April gained $1.15, or 1.2%, to $96.88 a barrel, and was also set for an uptick on the week. "We're getting hammered by the [Read more]

U.S. energy firms this week added oil and natural gas rigs for a second week in a row for the first time since early February, 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, rose by two to 553 in the week to March 13, its highest since November 2025. Despite this week's rig increase, Baker Hughes said the total count was still down 39 rigs, or 7% below this time last year. Baker Hughes said [Read more]