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Daily oil exports from the Middle Eastern Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60% in the week to March 15 compared to February due to disruptions and output cuts amid the U.S.-Iran war, according to shipping data and Reuters calculations. The effective closure of the Strait of Hormuz, normally used to transport about a fifth of the world's oil supply, has forced exporters to cancel shipments and shut production at oilfields, creating the [Read more]

This is a historic week in the world of monetary policymaking. The "G4" central banks meet in the same week for the first time since December 2021, and only the second time ever, with investors clamoring for evidence of whether the Middle East oil shock could make policymakers start thinking about rate hikes. None of these central banks – the Federal Reserve, European Central Bank, Bank of England and Bank of Japan – are expected to raise interest rates this week. But if the tone from the [Read more]

U.S. President Donald Trump has demanded help from allies to reopen the Strait of Hormuz, which usually carries about a fifth of global energy supplies, but even if he can assemble a major coalition it could prove very hard to end Iran's blockade. Iran lies along one side of the narrow strait and has responded to the U.S.-Israeli attack from February 28 by using drones, missiles and mines to make the vital waterway unsafe for the colossal oil and gas tankers that slowly traverse it each [Read more]

Member countries of the International Energy Agency could release more oil into the market later "as and if needed" after they have already agreed the largest-ever reserve release, Executive Director Fatih Birol said on Monday. Birol said there will still be over 1.4 billion barrels remaining in IEA members' emergency oil stocks. "Despite this huge release, we still have a lot of stocks left. This current stock release, once it is completed, will reduce the emergency stocks in IEA [Read more]

On June 30, 2025, the Court of King’s Bench of Alberta granted an order appointing Grant Thornton Limited (“Grant Thornton”) as the receiver and manager (the “Receiver”) of the assets, undertakings and properties of TexCal Energy Canada Inc. (“TexCal” or the “Company”), effective July 3, 2025.  The Receiver has engaged Sayer Energy Advisors to assist it with a Sales and Investment Solicitation Process (the “SISP”). The SISP is intended to solicit interest in a sale or liquidation of all or [Read more]

The United States is "fine" with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, Treasury Secretary Scott Bessent said on Monday, adding that any action to mitigate higher prices would depend on how long the Iran war lasts. "We are seeing more and more of the fuel ships start to go through. The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world. We've seen Indian ships go out now... we believe some Chinese [Read more]

The United Arab Emirates' daily oil output is down by more than half as the Iran conflict and the effective closure of the Strait of Hormuz forced state oil giant ADNOC to implement widespread production shut-ins, two sources told Reuters. The halt of commercial navigation through the critical maritime chokepoint, which is normally used to transport about a fifth of the world's oil supply, has inflicted massive disruptions on global energy markets. Earlier on Monday, sources told Reuters [Read more]