Headlines

CALGARY - Fuel costs are on the rise in Canada as geopolitical turmoil drives the price of crude oil to its highest level in more than a month.  Gasbuddy.com, which crowdsources pump price data from across Canada and the U.S, says the Canadian national average now sits above $1.80 a litre — a two-cent increase from a day earlier and an eight-cent bump from a week ago.  Patrick De Haan, head of petroleum analysis at Gasbuddy, says that could rise by another five to 10 cents over the [Read more]

U.S. President Donald Trump told Axios in an interview on Thursday that he is seriously considering restarting major combat operations in Iran, which could include larger strikes than those carried out during "Operaton Epic Fury," the news outlet reported. "They haven't received enough pain yet," Axios quoted Trump as saying, adding that Trump said he had not yet made a final decision. (Reporting by Ryan Patrick Jones in Toronto) [Read more]

The expansion of the Iran war to the Red Sea has thrown the oil market another dangerous curveball, choking off a fragile recovery in energy flows. The global economy might increasingly respond to this escalation by slowing down. Nearly two weeks into the renewed conflict between the United States and Iran, tensions in the Middle East rose sharply after the Iran-backed Houthi militia on Monday declared a blockade against Saudi vessels seeking to pass through the Bab el-Mandeb Strait at the [Read more]

Some Chinese refiners have ramped up purchases of sanctioned Russian crude despite shrinking discounts, as an escalation in the Iran war disrupts exports from the Middle East, sources familiar with the situation said. Chinese independent refiners made rare purchases of non-sanctioned Middle East crude at wide discounts when exports gushed out during the short-lived truce between the U.S. and Iran. A resumption of attacks and shipping blockades in the Strait of Hormuz is again throttling oil [Read more]

Matador Resources said on Thursday it would buy privately held Paloma Permian from EnCap Investments for about $1.28 billion, adding high-quality drilling assets in the oil-rich Delaware Basin. U.S. shale producers are prioritizing acquisitions that add premium drilling inventory over rapid production growth to maintain capital discipline, allowing them to sustain output and shareholder returns for longer. The deal gives Matador access to 16,235 net undeveloped acres in Eddy and Lea [Read more]

Goldman Sachs maintained on Thursday its Brent crude forecast of $80/barrel for the fourth quarter of 2026, saying lower Middle East supply should support prices if tensions between the United States and Iran ease by year-end. * The investment bank said its forecast reflects price support from lower Middle East output in the second half of the year, balanced by downside pressure from stronger-than-expected output from the region in June and weaker demand in China, South Korea and the Middle [Read more]

The Iranian-aligned Houthis said on Thursday they struck two Saudi oil tankers as part of a naval blockade on Saudi Arabia, threatening to create a second chokepoint on global oil supplies alongside Iran's near-closure of the Strait of Hormuz. Meanwhile the U.S. military said on Wednesday it launched a new round of strikes on Iran at President Donald Trump's direction, marking a 12th successive night of American attacks. The Yemen-based militants, who control areas near the Bab el-Mandeb [Read more]