Headlines

Iran called on the U.S. to accept defeat while President Donald Trump blasted Iran as "evil" and urged Americans to brace for continued high fuel prices. The comments suggested the warring parties remained far apart, with progress toward peace talks and oil tanker traffic through the strategic Strait of Hormuz waterway both halted. "This strait will be opened and closed only under Iran's command, and so long as you do not accept the reality of defeat and stop indulging in fantasies, Iran will [Read more]

UAE's Abu Dhabi National Oil Company said on Saturday that one of its vessels came under attack while transiting the Strait of Hormuz a day earlier, the Emirati state news agency WAM reported. The state oil company said no injuries were reported, with the situation now under control, according to WAM. The attack was the third such incident involving ADNOC vessels in less than a week. The UAE had accused Iran of being behind the earlier attacks, but there was no official comment from the UAE on [Read more]

Iran's Deputy Foreign Minister Kazem Gharibabadi said early Saturday that Tehran would not be intimidated by threats or a show of force by Washington after U.S. President Donald Trump said he would declare the Strait of Hormuz a U.S. territory. Commenting on Trump's statements, Gharibabadi said in a post on X that the strategic waterway would only be opened or closed under Iran's authority. (Reporting by Menna Alaa El-Din and Enas Alashray, Editing by Franklin Paul) [Read more]

U.S. energy firms this week added rigs for the second time in three weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, rose by five to 593 in the week to August 14, its highest since March 2025. Baker Hughes said this week's increase puts the total count up 54 rigs, or 10%, over this time last year. Baker Hughes said oil rigs rose by one to 455 this week, their highest since May 2025, [Read more]

Yemen's Houthis said they targeted an Aramco facility in the Saudi city of Najran with a drone, the group-run SABA news agency reported on Friday, citing a military source. The source said the attack was in response to what it described as Saudi military aircraft violating Yemen's sovereignty by entering airspace over the northeastern part of Saada governorate. There was no immediate confirmation from Saudi authorities or Aramco. It was not immediately clear from the report whether the [Read more]

OTTAWA - Economists expect inflation edged higher in July as consumers were getting whiplash at the gasoline pumps. Statistics Canada is set to provide a look at the consumer price index for July on Monday. A Reuters poll of economists expects annual inflation rose a tenth of a point to 2.9 per cent last month. June's progress toward peace between the United States and Iran led to a pullback in global oil prices and inflation cooled accordingly. But the tentative ceasefire buckled in [Read more]

OTTAWA - Statistics Canada says manufacturing sales rose for a fifth straight month in June, helped by gains in the chemical and transportation equipment subsectors. The agency says manufacturing sales rose 0.1 per cent to $78.8 billion in June. The increase came as sales in the chemical subsector increased six per cent to $6.3 billion, while the transportation equipment subsector saw sales gain 2.8 per cent to $12.4 billion. In constant dollars, manufacturing sales rose 1.2 per cent in [Read more]