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Iran’s main oil and gas production and infrastructure

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The United States and Israel launched an attack on Iran on Saturday. The attack could disrupt oil and gas output and cause damage to energy infrastructure in the Middle East. Following are facts on Iran's energy industry, exports, and the impact of Western sanctions: OIL PRODUCTION AND INFRASTRUCTURE Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, pumps about 4.5% of global oil supplies. Iran's output is about 3.3 million barrels per day of [Read more]

President Trump makes statement on United States military combat operations in Iran

The official White House X account released remarks from President Trump early this morning, in regards to the United States combat operations in Iran, which began overnight. The President appears to be seeking regime change in Iran, and said to the Iranian people: "When we are finished, take over your government. It will be yours to take." President Donald J. Trump on the United States military combat operations in Iran: pic.twitter.com/LimJmpLkgZ — The White House (@WhiteHouse) February [Read more]

Israel shuts down gas fields after US-Israel strikes on Iran

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(Adds details, paragraph 3 onwards) By Shadia Nasralla and Marwa Rashad LONDON, Feb 28 - The Israeli Energy Ministry has ordered the temporary shutdown of parts of the country's natural gas reservoirs after Israel and the United States launched strikes on Iran on Saturday. The Leviathan gas field offshore Israel, operated by Chevron has been shut down, three sources told Reuters. Energean’s production vessel that serves several Israeli fields has also been shut down, the company said in [Read more]

What is the Strait of Hormuz and why is it so important for oil?

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The United States and Israel attacked Iran on Saturday in a development that could lead to a closure of the Strait of Hormuz, a major oil export route, for days. Below are details about the strait: WHAT IS THE STRAIT OF HORMUZ? The strait lies between Oman and Iran and links the Gulf north of it with the Gulf of Oman to the south and the Arabian Sea beyond. It is 21 miles (33 km) wide at its narrowest point, with the shipping lane just 2 miles (3 km) wide in either direction. WHY [Read more]

Some oil majors, traders suspend shipments via Hormuz amid US attack on Iran, sources say

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Some oil majors and top trading houses have suspended crude oil and fuel shipments via the Strait of Hormuz amid ongoing U.S. and Israeli attacks on Iran and Tehran's retaliation, four trading sources said on Saturday. "Our ships will stay put for several days," one top executive at a major trading desk said. (Reporting by Dmitri zZhdannikov; Editing by Aidan Lewis) [Read more]

North Dakota judge finalizes $345 million judgment against Greenpeace in pipeline case

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A North Dakota judge on Friday finalized a $345 million judgment against Greenpeace in a lawsuit pursued by pipeline company Energy Transfer over the environmental group's role in protests against the construction of the Dakota Access Pipeline. The final judgment by Judge James Gion was in line with a decision he issued in October, in which he slashed by almost half a damages award of about $667 million that a jury had awarded Energy Transfer in March. Greenpeace in a statement said it [Read more]

Barclays says Brent could reach $80 a barrel on US-Iran tensions

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Barclays said Brent crude could rise to around $80 per barrel in the event of a material supply disruption, as U.S.-Iran tensions remain elevated. "While it is entirely possible that an escalation does not lead to a supply disruption and the $3-5/b risk premium in oil prices fades quickly, even a 1 mb/d supply outage would further question the widely expected supply glut and push Brent to $80/b, in our view," the bank said. Oil prices rose about 2% on Friday, with traders bracing for [Read more]

Westgate Energy announces proposed amendment to previously issued convertible debenture

  CALGARY, AB, Feb. 27, 2026 /CNW/ - Westgate Energy Inc. ("Westgate" or the "Company") (TSXV: WGT) announces that the Company and Art Agolli (the "Holder"), a director of the Company, have agreed, subject to TSX Venture Exchange ("TSXV") approval, to amend the convertible unsecured subordinated debenture of the Company (the "Convertible Debenture") issued on March 7, 2025. Pursuant to the proposed amendments, the maturity date of the Convertible Debenture will be [Read more]

Prospera Energy Highlights Industry Recognition and Consolidation of Core Saskatchewan Properties

Prospera Energy Inc. (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Company", or the "Corporation") Calgary, Alberta--(Newsfile Corp. - February 27, 2026) - Prospera Energy is pleased to announce that the Company has been invited to present at an industry leadership presentation and a technical industry conference, reflecting growing industry recognition of Prospera's disciplined heavy oil reactivation strategy and operational execution across legacy assets in the Western Canadian [Read more]