Barclays on Friday cut its Brent crude price forecasts to $96 per barrel for 2026 and $85 per barrel for 2027, down from $100 and $88 respectively, after an increase in oil flows through the Strait of Hormuz. * Crude prices were on course for weekly losses, as more oil tankers exited the strait, easing supply concerns, even though a cargo vessel was hit near Oman on Thursday. * Data on Thursday showed that crude shipments through the strait rose this week to their highest since the [Read more]
Headlines
Ukraine attacks Russian energy sites — What has been hit?
Ukraine has stepped up attacks on Russian energy facilities in recent months, targeting the country's infrastructurein a war now well into its fifth year. The drone attacks are worsening fuel shortages in Russia, where people have reported rising prices and long queues at the filling stations across most regions. Following is a summary of the attacks —starting with the most recent — and their impact: NORSI NORSI, Russia's fourth-largest oil refinery, owned by Lukoil, suspended [Read more]
Traffic through Strait of Hormuz slows after attack on ship
Fewer vessels transited the Strait of Hormuz on Friday than earlier this week, hours after a Taiwanese-operated ship was fired on by Iran, ship tracking data showed. The U.N. shipping agency temporarily paused its voluntary scheme to evacuate hundreds of stranded ships and thousands of seafarers from the Gulf after the ship was damaged in the attack close to the Omani side of the waterway. Nevertheless, at least four tankers including three very large crude carriers, which can each carry a [Read more]
Iran insists on right to control shipping in Strait of Hormuz after ship hit near Oman
Iran reasserted its right on Friday to control shipping in the Strait of Hormuz and warned Gulf states against siding with the U.S., a day after an attack on a ship near Oman highlighted the fragility of a preliminary deal to end the Iran war. Tehran was responding to what it called an "interventionist, irresponsible and provocative" joint statement by the U.S. and six Gulf states that rejected Iran's insistence that it could charge tolls on vessels transiting the strait. "Safe passage [Read more]
Hormuz oil shock echoes 1973 embargo lessons: Bousso
While oil and gas are once again flowing through the Strait of Hormuz, the closure of the vital waterway for over 100 days could prove to be a turning point in global energy markets. The Arab oil embargo of 1973, a similarly disruptive supply shock, offers clues about where we might be headed. The latest Middle East crisis tested the limits of the modern energy system, which has evolved over recent decades into a highly interconnected global market held together by thousands of tankers, trading [Read more]
Oil down 2% amid resumption of Hormuz shipments even as vessel hit near Oman
Crude prices sank 2% on Friday and were headed for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday. Brent crude futures fell $1.47, or 1.95%, to $73.79 a barrel as of 0421 GMT, while U.S. West Texas Intermediate fell $1.44, or 2%, to $70.48 a barrel. Refining giant Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, [Read more]
Saudi Aramco resumes oil loading at Ras Tanura after 4-month halt
Saudi Aramco resumed oil loading on Friday at its Ras Tanura terminal in the Gulf after a near four-month halt, shipping data from LSEG showed, in a sign that Middle Eastern producers are pushing forward with plans to boost exports despite a ship attack in the Strait of Hormuz. Middle Eastern producers had been ramping up oil and gas output and exports in the lead-up to the interim deal between the United States and Iran to halt the war and reopen the strait where a fifth of the world's oil [Read more]
Petrus Resources Announces Renewal of Normal Course Issuer Bid
CALGARY, Alberta, June 25, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. ("Petrus") (TSX: PRQ) is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted Petrus' notice of intention to renew its normal course issuer bid (the "NCIB"). The NCIB allows Petrus to purchase up to 7,424,183 common shares (representing 5% of Petrus' outstanding common shares as of June 19, 2026) over a period of twelve months commencing on June 30, 2026. On June 19, 2026, Petrus had 148,483,679 [Read more]
Petrus Resources Announces Monthly Activity Update
CALGARY, Alberta, June 25, 2026 (GLOBE NEWSWIRE) -- Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is pleased to announce the most recent version of the Company’s monthly activity update can be found on the Company's website at https://www.petrusresources.com/monthlyupdates. ABOUT PETRUS Petrus is a public Canadian oil and gas company focused on property exploitation, strategic acquisitions and risk-managed exploration in Alberta. FOR FURTHER INFORMATION PLEASE CONTACT: Ken [Read more]
Alberta boosts LPG exports by rail as US summer demand booms
Railway exports of liquefied petroleum gases from the Canadian production hub of Edmonton, Alberta, to refining and trading centers in the United States are unusually high this summer due to strong demand from motor fuel blenders, according to storage broker The Tank Tiger. The out-of-season surge in LPG flows highlights the knock-on effects of the Iran war on energy supply chains around the world, and how some government initiatives to shield consumers from the resulting price shocks have [Read more]
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