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Crude oil futures prices are reflecting a view that the market can successfully navigate the Iran war, while prices for physical cargoes and refined products are signalling an imminent crisis. Only one of these price signals is correct - and it's not what is happening in the paper oil market. Global benchmark Brent crude futures ended at $91.98 a barrel on Wednesday, up 4.8% from the prior close but still down from the brief spike on March 9 that saw them reach $119.50, the highest in [Read more]

The IEA's decision to release 400 million barrels of oil from global strategic reserves has already had a "strong impact" on energy markets, which are in an "extremely critical period" after the closure of the Strait of Hormuz, its Executive Director Fatih Birol said on Thursday. The International Energy Agency's coordinated move in the face of the Iran war was aimed to stabilise oil markets, Birol said at an Istanbul press conference. He declined to respond to a question on the daily pace [Read more]

Goldman Sachs raised its Brent and WTI crude oil price forecasts for the fourth quarter of 2026 to $71/67 per barrel from $66/62 as it sees longer disruption to oil flows in the Strait of Hormuz due to the U.S.-Israeli war on Iran. Brent prices have gained more than 36% since the war began on February 28, while WTI has risen about 39%. Both benchmarks briefly topped $119 on Monday, their highest levels since mid-2022. The fighting has effectively shut the Strait of Hormuz, leaving tankers [Read more]

Oil prices climbed on Thursday after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the U.S.-Israeli war on Iran. Brent futures rose $5.69, or 6.19%, to $97.67 a barrel at 0118 GMT, and U.S. West Texas Intermediate (WTI) crude was up $5.11, or 5.86%, to $92.36. Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq's territorial waters, causing them to catch fire, the director [Read more]

The United States and Iran have signaled no quick end to their war, with U.S. President Donald Trump saying it was necessary to finish the job and Iran warning that the world should be ready for oil at $200 a barrel after striking tankers in Iraqi waters and other ships near the vital Strait of Hormuz. The war unleashed with joint U.S. and Israeli air strikes nearly two weeks ago has so far killed around 2,000 people, mostly Iranians and Lebanese, as it has spread into Lebanon and thrown global [Read more]

The International Energy Agency’s plan to release 400 million barrels of oil reserves is unprecedented in scale and desperately needed to blunt the devastating supply shock triggered by the Iran war. But it will offer only limited relief as long as energy exports from the Middle East remain blocked. The IEA said on Wednesday that its 32 member countries unanimously agreed to move forward with the biggest collective drawdown ever from their strategic petroleum reserves (SPR). The release is [Read more]

OTTAWA, ON, March 11, 2026 /CNW/ -  As a major energy producer and exporter, Canada is well positioned to help support energy stability during a period of heightened volatility in global energy markets, linked to military actions in the Middle East and disruption in the Strait of Hormuz. The current situation reinforces the fact that our allies are looking for stable, reliable energy suppliers in an increasingly uncertain world. That means doubling down on what Canada can do to enhance [Read more]