Headlines

Oil prices climbed more than $4 on Thursday after President Donald Trump said the United States would continue to attack Iran, including energy and oil targets over the next few weeks, and did not commit to a specific timeline to end the war. Brent crude futures rose $4.88, or 4.8%, to $106.04 per barrel by 0200 GMT. U.S. West Texas Intermediate crude futures were up $4.17, or 4.2%, to $104.29 per barrel. The gains come after both benchmarks had fallen more than $1 earlier on Thursday ahead of [Read more]

The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Wednesday. WCS for May delivery in Hardisty, Alberta, settled at $13 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared with $10.80 on Tuesday. * The war in Iran has disrupted global supply of medium and heavy sour barrels, contributing to tighter spreads for heavy crude last month as well as higher outright pricing. * However, global oil [Read more]

U.S. refined products exports hit a record high in March as the Iran war left Europe, Asia and Africa scrambling to fill supply shortfalls created by the near-complete closure of the Strait of Hormuz. Iran has been disrupting shipping in the strait, through which oil and fuel exports flow that represent a fifth of global consumption. The loss of these supplies has forced production cuts at plants in those regions, causing price spikes and threatening an economic slowdown. U.S. exports of [Read more]

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]