A proposal led by Canadian company South Bow to revive parts of the cancelled Keystone XL oil pipeline could increase Canada's crude exports to the U.S. by more than 12%, if it gets a green light from U.S. President Donald Trump and additional links to U.S. refining hubs are built. The new proposal involves a different route through the U.S. than the previous Keystone XL pipeline project cancelled by former U.S. President Joe Biden in 2021 after years of Indigenous and environmental [Read more]
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Major Saudi refinery, Kurdish and Israeli oil, gas fields shut amid Mideast strikes
Saudi Arabia shut its biggest domestic oil refinery on Monday after a drone strike, a source said, as Israeli and U.S. strikes and Iranian retaliation forced shutdowns of oil and gas facilities across the Middle East. A wave of attacks on the region stretched into a third day, resulting in the precautionary suspension of most oil production in Iraqi Kurdistan and at several major Israeli gas fields, throttling exports to Egypt. State oil giant Saudi Aramco's 550,000 barrels per day (bpd) [Read more]
Oil prices expected to stay high for days, all eyes on Strait of Hormuz flows
Analysts expect oil prices to remain elevated over the coming days with conflict escalating in the Middle East, as they assess the impact to supplies, especially flows through the Strait of Hormuz, a conduit for more than 20% of global oil. Crude futures surged more than 8% on Monday to multi-month highs in the first trading after the U.S. and Israel launched attacks on Iran and killed its Supreme Leader Ali Khamenei, with Tehran striking back against Israel and at least seven other countries. [Read more]
Dire straits for global oil trade
A look at the day ahead in European and global markets from Wayne Cole. Suddenly, everyone's an expert on crude shipping through the Strait of Hormuz. Marine Traffic shows the red dots of tankers piling up each side of the vital waterway that carries a fifth of the world's seaborne oil trade, a similar amount of liquefied natural gas and apparently a third of its fertiliser. Much of the oil flows to Asia, and particularly China which was the main buyer of Iranian crude. The strait isn't [Read more]
OPEC+ crude output boost ignored with duration of Hormuz disruption key: Russell
The OPEC+ decision to lift crude oil output by 206,000 barrels per day (bpd) from April is probably the least consequential decision the group has made in nearly a decade of existence. Adding about 0.2% of global oil demand to supply a month from now is little more than a symbolic gesture in the face of a widening conflict in the Middle East, which is already leading to serious supply disruptions. But there was little the eight members of the OPEC+ group undertaking voluntary production [Read more]
Oil jumps as US-Iran conflict escalates, disrupts shipping
Oil prices surged more than 8% to their highest in months on Monday as Iran and Israel stepped up attacks in the Middle East, damaging tankers and disrupting shipments from the key producing region. Brent crude futures struck a high of $82.37 a barrel and was at $79.34, up $6.47, or 8.88%, by 2305 GMT. U.S. West Texas Intermediate crude jumped $5.36, or 8%, to $72.38 a barrel after touching a high of $75.33 earlier. Israel launched a new wave of strikes on Tehran on Sunday and Iran responded [Read more]
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: Carney road show Prime Minister March Carney is on the road this week, looking to grow Canada's economic ties to countries other than the United States. He began his trip by flying to India and landing in Mumbai before heading to New Delhi. Carney will also visit Australia this week with stops in both Sydney and Canberra before heading to Tokyo on Friday. Macklem chat Bank of Canada governor Tiff [Read more]
Three tankers damaged in Gulf as US-Iran conflict escalates
At least three tankers were damaged off the Gulf coast after U.S. and Israeli strikes on Iran triggered Iranian retaliation that put merchant ships at risk of collateral damage, shipping sources and officials said on Sunday. Risks to commercial shipping have surged in the past 24 hours, with more than 200 vessels including oil and liquefied gas tankers dropping anchor around the Strait of Hormuz and surrounding waters, shipping data showed on Sunday. Iran has said it has closed navigation [Read more]
Hundreds of ships drop anchor in Middle East Gulf, data shows
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed on Sunday, after U.S. and Israeli strikes on Iran plunged the region into turmoil. The tankers were clustered in open waters off the coasts of major Gulf oil producers, including Iraq and Saudi Arabia, as well as liquefied natural gas giant Qatar, according to Reuters estimates based on [Read more]
Oil jumps 10% on Iran conflict and could spike to $100 a barrel, analysts say
Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after U.S. and Israeli strikes on Iran plunged the Middle East into a new war. "While the military attacks are themselves supportive for oil prices, the key factor here is the closing of the Strait of Hormuz," said Ajay Parmar, director of energy and refining at ICIS. Most tanker owners, oil majors and trading houses have suspended [Read more]
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