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TORONTO - Experts at BMO say that as dramatic as the swing in energy prices has been, the global economy should be able to manage through current levels. Chief economist Doug Porter says Canada has just seen the largest monthly gasoline price hike on record but that oil prices, when adjusted for inflation, are around where they largely hovered between 2005 and 2015. Speaking at an online seminar put on by the bank, he said the speed of change is certainly a shock to the system, but that [Read more]

China will at one point have to engage more directly on how to restore oil traffic flows in the Strait of Hormuz because the number of vessels it has going through is probably insufficient, France's navy chief said on Wednesday. "We have not seen China’s navy step in to reopen the strait. On the other hand, there is direct political dialogue between Chinese and Iranian authorities to ensure that a certain number of vessels can pass. Will that be enough to restore normal traffic flows? I don’t [Read more]

OTTAWA - Foreign Affairs Minister Anita Anand will join multi-nation talks hosted by the U.K. on Thursday on finding diplomatic options to reopen the Strait of Hormuz trade corridor. Anand says all countries involved should know Canada will not hesitate to help secure the strait once there is a ceasefire, but the Liberal government has not decided yet on specific measures. The Iran war has disrupted shipments of energy commodities through the strait, causing global oil prices to surge over [Read more]

Oil tanker availability along the U.S. Gulf Coast has dropped sharply in recent weeks, as Asian and European refiners cut off from Middle Eastern supply have been snapping up vessels to import oil and fuel from the United States, shipping analysts and traders said. The Iran war has stalled tanker movements through the Strait of Hormuz, curbing the flow of Middle Eastern oil to Asia and Europe, and prompting refiners there to buy replacement barrels from the United States, Brazil and West [Read more]

The United States will be "out of Iran pretty quickly" and could return for "spot hits" if needed, President Donald Trump told Reuters on Wednesday, hours before he was scheduled to make a primetime address to the nation. Trump also said he would express his disgust with NATO for what he considers the alliance's lack of support for U.S. objectives in Iran. He said he is "absolutely" considering an attempt to withdraw the United States from NATO. Asked when the United States would consider the [Read more]

Iran's new leader has just asked the United States for a ceasefire, U.S. President Donald Trump said in a Truth Social post on Wednesday. "We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion," he said. (Reporting by Susan Heavey, writing by David Ljunggren, Editing by Louise Heavens) [Read more]

U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 5.5 million barrels to 461.6 million barrels in the week ended March 27, the EIA said, compared with analysts' expectations in a Reuters poll for a 814,000-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 520,000 barrels in the week, the EIA said. Oil futures held on to earlier losses following the [Read more]