The U.S. naval blockade of Iran and its green light on Sunday for Israel to escalate attacks in Lebanon make U.S. bases and Israeli assets in the Middle East legitimate targets, Iran's top negotiator said in a post on X. The comments from Iran's Parliament speaker, Mohammad Baqer Qalibaf, follow Israeli attacks on the southern suburbs of Lebanon's capital, a stronghold of Iran's ally Hezbollah. "They are neither committed to a ceasefire nor believe in dialogue, and through the naval [Read more]
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Five things to watch for in the Canadian business world in the coming week
TORONTO - Five things to watch for in the Canadian business world in the coming week: Energy conference The Global Energy Show is set to kick off in Calgary on Tuesday. Among the scheduled speakers are federal Natural Resources Minister Tim Hodgson, the premiers of Alberta, Saskatchewan and the Northwest Territories and the CEO of Abu Dhabi National Oil Co.'s upstream division. Trade figures Statistics Canada will release its international merchandise trade numbers for April on [Read more]
Russia’s Sechin says U.S. companies benefit from the closure of the Strait of Hormuz
Rosneft Chief Executive Igor Sechin said on Saturday that U.S. energy companies were the main beneficiaries of the closure of the Strait of Hormuz and that Washington was trying to change the fundamental contours of the global energy markets to suit U.S. interests. Iran blockaded the Strait, the main route for about a fifth of world oil supplies and other vital goods including fertilisers, after the United States and Israel attacked Iran and killed Supreme Leader Ayatollah Ali Khamenei in [Read more]
Goldman Sachs says global oil demand takes big hit, sees risks to price forecast
Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel. The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil demand destruction in April, as the closure of the Strait of Hormuz to oil tankers appeared to have reduced global demand by 4% to 5%. The decline in demand was driven by weaker consumption, [Read more]
US energy firms add rigs for seventh week in a row, says Baker Hughes
U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of future output, rose by one to 563 in the week to June 5, its highest since May 2025. With this week's rig increase, Baker Hughes said the total count was up four rigs, or 1% above this time last year. Baker Hughes said oil rigs rose by two to 431 this [Read more]
Companies to add 40 mln barrels of oil to US SPR after Iran war ends, energy secretary says
Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since the U.S.-Israeli war on Iran began in February, but Wright said he is not worried about stock levels in the SPR, which are at low levels. "I'm not concerned, because we're not selling any [Read more]
Global oil inventories depleted, next price spike could roil economies, markets
Global oil inventories are running dangerously low as a deal to re-open tanker traffic through the Strait of Hormuz has proven elusive, and industry executives and analysts warn there could be another oil price shock in the coming weeks, severe enough to upset broader financial markets. Some fear the next move higher for oil prices would pose a risk to economic growth, bond yields and the bull market for stocks. "We're approaching unheard of inventory levels. I mean, really, really low [Read more]
What issues do the US and Iran need to resolve for any peace deal?
Here are the main issues between the United States and Iran as they seek a deal to end their war, which is now in its fourth month: HORMUZ AND GULF BLOCKADE Iran's closure of the Strait of Hormuz, normally the conduit for around a fifth of global oil and liquefied natural gas shipments, has caused an unprecedented oil supply shock, driving up fuel, food and fertiliser prices. Reopening the strait is Washington's top priority and Tehran's main point of leverage, but it could take [Read more]
US oil exports surge, draining domestic crude inventories toward rock bottom
At the prairie town that calls itself the pipeline crossroads of the world, some 400 oil storage tanks sprawled across Cushing, Oklahoma, are nearly empty, drained by refiners worldwide to plug a massive shortfall in global supplies caused by war in the Middle East. Cushing is among the largest oil storage hubs in the world. Oil levels in its tanks have fallen rapidly since the war began and Iran effectively closed tanker traffic through the Strait of Hormuz. Refiners everywhere, seeking [Read more]
Trump administration to auction oil drilling rights in Alaska wildlife refuge
The Trump administration on Friday will hold a sale of oil and gas leases on 689,000 acres (278,828 hectares) in Alaska's Arctic National Wildlife Refuge, a remote and pristine habitat for species including polar bear, caribou and migratory birds. The auction is the latest test of industry appetite for drilling in northern Alaska, a high risk endeavor involving decades of work and billions of dollars of investment. The U.S. Bureau of Land Management, an arm of the Department of the [Read more]