Two supertankers carrying Saudi oil were struck by unknown projectiles within minutes of each other while transiting outbound through the Strait of Hormuz late on Monday, according to shipping intelligence and tracking firms Marisks and Kpler. "The near-simultaneous incidents represent a further escalation in the threat environment within the Omani corridor," Marisks said. The tankers each loaded 2 million barrels of Saudi crude at the Juaymah terminal last week, Kpler data showed. Saudi [Read more]
News
Trump’s oil deal with Venezuela raises red flags for some major producers, sources say
An unprecedented deal for the U.S. to gain access to a fifth of Venezuela's oil reserves - and the central role a Venezuelan businessman will play - is prompting questions and hesitation from some oil companies evaluating potential investments in the country, sources familiar with the situation told Reuters. A White House fact sheet released late on Monday outlined an arrangement under which private oil firm North American Blue Energy Partners (NABEP) would receive a 100-year lease for 17 [Read more]
The Americas’ oil bonanza will outlast the Iran conflict: Bousso
From Canada to Argentina, oil producers across the Americas have enjoyed a windfall during the Iran warby capturing market share lost by Middle Eastern exporters. The renewed focus on energy security globally could transform this emergency response into a lasting structural change. Oil production in the Americas has become a viable alternative to the Middle East's vast hydrocarbon resources since the outbreak of the Iran war and the closure of the Strait of Hormuzsix months ago, which [Read more]
Iraq seeks premium for Sept oil loading outside Hormuz, document shows
Iraq has set floor prices for its Basrah Medium oil offered via a tender for loading in September from outside the Strait of Hormuz, a tender document reviewed by Reuters showed on Tuesday. Iraq's national oil company SOMO is asking participants in its tender, issued last month, for a premium over the destination market benchmark, the document shows, and a trade source confirmed. For September 1 to 10 lifting SOMO is asking for a minimum premium of 20 cents per barrel over the destination [Read more]
Oil prices rise as latest fighting revives Mideast supply disruption risks
Oil prices gained around $1 on Tuesday as the resumption of fighting between the U.S. and Iran in the Middle East renewed fears of supply disruptions from the world's key crude-producing region. Brent crude futures were up $1.05, or 1.2%, to $91.54 a barrel at 0455 GMT, while U.S. West Texas Intermediate crude was up $1.27, or 1.5%, to $87.03. In the previous session, Brent closed up 2.7%, at one point reaching its highest since August 25, and WTI settled up 2.8%, touching its highest [Read more]
Officials: US firm to take over some Venezuela oilfields previously run by Chinese, Russian firms
U.S. oil company North American Blue Energy Partners (NABEP) will take over some oilfields previously controlled by several Chinese companies and a Russian firm, two U.S. officials told Reuters on Monday. The takeover will be part of a sweeping oil production agreement that President Donald Trump announced with Venezuela, they said. The projects were among 14 contracts newly granted to U.S.-backed North American Blue Energy Partners, according to the officials. NABEP was previously owned [Read more]
White House releases terms of oil deal with North American Blue Energy Partners
The White House on Monday released terms of the U.S.-Venezuela oil deal with North American Blue Energy Partners. * The release comes days after Washington and Caracas struck a deal that gives U.S. partial control of Venezuela's oil reserves. * "NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of [Read more]
Trump says Exxon is ‘going in’ to Venezuela as US pushes oil deals
U.S. President Donald Trump said Monday that ExxonMobil, the largest U.S. oil major, was among a group of companies planning to do business in Venezuela. Exxon declined to comment. Any entrance into the South American country would mark a stunning reversal nearly two decades after the company exited following the nationalization of its assets. The oil producer operates the prolific Stabroek Block in next-door Guyana, which currently produces more than 900,000 barrels of oil a day. "We have [Read more]
Trump on possible Venezuela departure from OPEC: ‘It’s up to them’
U.S. President Donald Trump said on Monday that it is up to Venezuela to decide whether it should leave the Organization of the Petroleum Exporting Countries (OPEC), of which it has been part for more than 60 years. "Well, I don't know. That's up to them. I mean, that's going to be up to them," Trump told reporters following a Bloomberg report last week saying Venezuela was considering whether to leave the organization, only months after the United Arab Emirates' withdrawal. Washington has [Read more]
Prime Minister Carney announces the appointments of new Chair of the Board and CEO of Invest in Canada
OTTAWA, ON, Aug. 31, 2026 /CNW/ -- The world is changing rapidly. In response, Canada's new government is focused on what we can control: building a stronger, more resilient, more independent Canadian economy that is not reliant on any single trading partner. Central to this mission is our ambitious plan to catalyse $1 trillion in total investment in Canada over the next five years. Invest in Canada is a key player in this mission – guiding investors from initial interest to shovels in the [Read more]
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