Headlines

Iraq has set floor prices for its Basrah Medium oil offered via a tender for loading in September from outside the Strait of Hormuz, a tender document reviewed by Reuters showed on Tuesday. Iraq's national oil company SOMO is asking participants in its tender, issued last month, for a premium over the destination market benchmark, the document shows, and a trade source confirmed. For September 1 to 10 lifting SOMO is asking for a minimum premium of 20 cents per barrel over the destination [Read more]

Oil prices gained around $1 on Tuesday as the resumption of fighting between the U.S. and Iran in the Middle East renewed fears of supply disruptions from the world's key crude-producing region. Brent crude futures were up $1.05, or 1.2%, to $91.54 a barrel at 0455 GMT, while U.S. West Texas Intermediate crude was up $1.27, or 1.5%, to $87.03. In the previous session, Brent closed up 2.7%, at one point reaching its highest since August 25, and WTI settled up 2.8%, touching its highest [Read more]

The White House on Monday released terms of the U.S.-Venezuela oil deal with North American Blue Energy Partners. * The release comes days after Washington and Caracas struck a deal that gives U.S. partial control of Venezuela's oil reserves. * "NABEP has developed an ambitious plan to rapidly scale production by investing up to $100 billion in new oil infrastructure in Venezuela, helping to drive economic growth, support thousands of high-paying jobs in Venezuela, and lead to tens of [Read more]

OTTAWA, ON, Aug. 31, 2026 /CNW/ -- The world is changing rapidly. In response, Canada's new government is focused on what we can control: building a stronger, more resilient, more independent Canadian economy that is not reliant on any single trading partner. Central to this mission is our ambitious plan to catalyse $1 trillion in total investment in Canada over the next five years. Invest in Canada is a key player in this mission – guiding investors from initial interest to shovels in the [Read more]

The large-scale oil production agreement that Venezuela and the U.S. disclosed last week requires a complicated three-layer structure to develop at least a portion of the 64 billion barrels of proved reserves contained in the 17 oilfields included in the deal. If completed as it is being negotiated so far, the pact will immediately provide the U.S. with a base volume of exportable Venezuelan crude from mature fields already in operation, with total production set to grow to up to 1.5 million [Read more]

EDMONTON - Alberta Premier Danielle Smith is pushing her message for an end to the fierce U.S.-Canada trade war directly to Americans. Smith, appearing on the Fox Business Network, says Canadians are confused and disappointed by U.S. President Donald Trump's recent effort to rebrand Lake Ontario as Lake America. She says it's particularly confounding given the two countries' long-standing economic and military relationship. Smith says Canadian troops stood shoulder-to-shoulder with [Read more]