Headlines

Danish-flagged oil products tanker Torm Innovation will sail to Asia via the Suez Canal with its cargo due to the security situation in the southern Red Sea, the vessel’s owner Torm said on Friday. The Iran-aligned Houthis on Monday declared a naval blockade against Saudi Arabia, opening a potential new front against the United States in its war with Iran and raising the threat to global energy supplies and trade beyond the Gulf. "Given the security situation in the southern part of the Red [Read more]

SLB beat expectations for second-quarter profit on Friday, as resilient demand across key markets helped the top U.S. oilfield services firm ride out weakness in the Middle East due to the Iran war, sending its shares up 2% before the bell. Frequent flare-ups in the war, now in its fifth month, have kept a crucial oil-producing region on edge, with Iran now seeking to shut the Bab el-Mandeb gateway ​to the Red Sea after choking off shipping through the Strait of Hormuz. The Middle East is [Read more]

U.S. President Donald Trump promised "major military punishment" for Iran and its Houthi allies after the Yemeni fighters struck two Saudi oil tankers in the Red Sea, extending the Middle East war to a second major shipping chokepoint. Fears that disruption could widen to block another sea route sent global oil prices surging in one of the steepest rises of the war. Brent crude rose more than 6%, piercing the level of $100 a barrel for the first time since May. Two weeks since the [Read more]

Oil headed for weekly gains on Friday, as Houthi attacks on tankers in the Red Sea sparked worries about the closure of a second shipping chokepoint, while Kazakhstan temporarily cut output after its main export route was forced to shut. Brent futures eased 72 cents, or 0.72%, to $99.97 a barrel as of 0126 GMT, but remained on course for a 13.5% advance this week. West Texas Intermediate (WTI) futures fell 70 cents, or 0.76%, to $91.49 a barrel, on track for a 10.9% weekly rise. Brent had [Read more]

TORONTO - Canadian and U.S. markets lost ground Thursday following a sharp increase in oil prices after attacks on two Saudi oil tankers in the Red Sea.  Carol Schleif, chief market strategist at BMO Private Wealth, said that markets were facing a “wall of worry” with stocks seeing pressure from several factors, including higher oil prices and nervousness about the AI trade.  “It's important to take a step back and realize markets have done really well, year-to-date. The TSX was at [Read more]