Since the start of the Iran war and Tehran's announcement that the Strait of Hormuz was "closed", the market has grappled to put a figure on lost crude supply and to predict the price of oil. Initial calculations were simple: add up all non-Iranian Gulf crude oil exports, some 12 million to 15 million barrels a day, and you easily have the biggest crisis in history. Accordingly, benchmark Brent crude futures shot to nearly $120 per barrel in early March. Analysts warned it was just the [Read more]
News
Exxon Mobil evaluates potential buyout of Australia Woodside Energy, Bloomberg News reports
Exxon Mobil Corp is exploring potential acquisition targets, including Australia's Woodside Energy Group, Bloomberg News reported on Friday, citing people familiar with the matter. Any move for Woodside would further strengthen the U.S. oil major's position in liquefied natural gas (LNG), a business that major energy companies increasingly see as a key growth area as rising power demand boosts gas consumption. According to Bloomberg, Woodside is one of several targets Exxon has been [Read more]
Chevron continues to look at new opportunities in Middle East, CEO says
Chevron is continuing to look at new opportunities in the Middle East and may have more exposure to the region in the future, Chief Executive Officer Mike Wirth said on Friday. Terms of investing in the region are better than they've historically been, Wirth said, adding that the Middle East currently accounts for about 5% of Chevron's output. "Countries there have been willing to engage in negotiations that offer what we view as a fair balance of returns for investors. And so we've made [Read more]
Asia spot LNG at 11-week high as Middle East tensions and hot weather drive demand
Asia's spot liquefied natural gas price rose this week to its highest in 11 weeks as markets monitor developments in the Iran war and expected hot weather boosts demand. The average LNG price for July delivery into northeast Asia was estimated at $19.15 per million British thermal units (mmBtu), its highest since March 27 and up from $18.80/mmBtu last week. The price for August delivery was estimated at $19.20/mmBtu, industry sources said. "Markets are seeming increasingly fatigued in the [Read more]
US military helps move 7 million barrels of oil per day out of Persian Gulf, Wright says
Roughly 7 million barrels of oil are getting out of the Persian Gulf each day with U.S. military help, U.S. Energy Secretary Chris Wright said on Friday at an event in Houston. * No Iranian crude is getting out of the Strait of Hormuz, Wright said, adding that he expected to see the free flow of all products through the Persian Gulf if the U.S. and Iran agree on a peace deal. If no deal is reached, the U.S. military will restore the flow, Wright continued. * Wright said some sanctions on [Read more]
Trump says Iran’s leaked deal terms are untrue
U.S. President Donald Trump denied on Friday that the United States has made major concessions to Iran and a senior U.S. official called an emerging pact "performance-based" with Tehran getting no frozen assets until its part of the agreement is fulfilled. In a post on his Truth Social platform, Trump said Iran's leaked comments on a deal with the United States do not represent what has been agreed to in writing. "What they said, including their weak and pathetic statement on having a deal, [Read more]
Iran’s foreign minister says Islamabad memorandum has ‘never been closer’
Iranian Foreign Minister Abbas Araqchi said on Friday that an "Islamabad Memorandum of Understanding" for addressing the U.S.-Israeli war on Iran had "never been closer", but urged media outlets to refrain from speculating about its contents until it was finalised. Araqchi said Iran would share all details with the public in due course, in what he called Tehran's responsible and transparent approach. (Reporting by Enas Alashray and Ahmed Tolba in Cairo; Editing by Kevin Liffey) [Read more]
Shell announces pause in share buyback programme
Shell announces pause in share buyback programme June 12, 2026 Further to its May 7, 2026 announcement of the start of a $3.0 billion share buyback programme covering an aggregate contract term of approximately three months (the ‘programme’), Shell plc (the ‘Company’) today announces that, following publication of the ARC Resources Ltd. (“ARC”) shareholder circular and due to related securities law requirements that apply to the Company, the programme is suspended from, and including, June [Read more]
ARC Resources Ltd. Files Management Information Circular For Arrangement With Shell plc And Provides Board Update
CALGARY, AB, June 12, 2026 /CNW/ - (TSX: ARX) ARC Resources Ltd. ("ARC" or the "Company") announced today that it has filed its management information circular (the "Information Circular") and related materials for the upcoming special meeting (the "Meeting") of the holders ("ARC Shareholders") of ARC common shares ("ARC Shares") being held to approve the previously announced plan of arrangement (the "Arrangement") involving ARC, Shell plc ("Shell"), Shell Canada Limited, a [Read more]
Oil extends losses as Trump calls off planned strikes on Iran
Oil prices fell over $1 on Friday, extending losses from the previous session after U.S. President Donald Trump cancelled plans to strike Iran, reducing fears of an escalation of hostilities following tit-for-tat attacks earlier in the week. Brent futures fell $1.83 or 2% to $88.55 a barrel at 0410 GMT, while U.S. West Texas Intermediate (WTI) crude dropped $1.60, or 1.8%, to $86.11. Trump, who had threatened to hit Iran "very hard", called off planned strikes on Thursday, saying [Read more]
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