The dark cloud of Middle East war is once again looming over financial markets. While the shock of the initial U.S.-Israeli strikes on Iran is unlikely to be replicated, barring an alarming twist like a U.S. ground invasion, geopolitical risk is back on investors' radar. Relief from falling oil prices and easing inflation pressures following the US-Iran ceasefire struck in April has evaporated. As flimsy as that ceasefire was, investors took it as a green light to rebuild exposure to risk assets [Read more]
Headlines
Bessent says China’s Iranian oil purchases have decreased- Fox Business
U.S. Treasury Secretary Scott Bessent said on Tuesday that there has been a substantial decrease in China's purchases of Iranian oil. "We have sanctioned Chinese... so-called teapot refineries, which are the private refineries, and we've seen a substantial decrease in their purchases of Iranian oil," Bessent said in an interview with Fox Business Network. "The Chinese, in general, because of the prices and because they have a very large strategic petroleum reserve, have dropped their [Read more]
Houthis warn shipping companies to avoid Saudi ports, email shows
Shipping companies should not load or discharge cargo at Saudi Arabian ports and such activity may result in being targeted "in any location" by Yemen's Iran-aligned Houthi militia, according to an email sent to companies by the Houthis. The 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. "Vessels are banned from loading [Read more]
Saudi Arabia crude exports fall to 3.434 mln bpd in May
Saudi Arabia's crude oil exports in May fell to 3.434 million barrels per day from 3.986 million bpd in April, official data showed on Tuesday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]
Goldman sees Brent exceeding $120/bbl in Q4 if Hormuz disruptions persist
Goldman Sachs said on Monday that Brent crude could top $120 a barrel in the fourth quarter this year and average $100 a barrel next year if flows through the Strait of Hormuz remain disrupted and Gulf output only fully recovers by the end of 2027. * Oil prices softened on Tuesday, with markets weighing reports of mediation efforts between the U.S. and Iran against an exchange of fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen's Houthis. * Brent crude [Read more]
Lycos Energy Inc. Announces Strategic Acquisition of Sparky Waterflood Assets, $30.0 Million Equity Financing, Expanded Credit Facility, Operations Update and Increased 2026 Guidance
Calgary, Alberta--(Newsfile Corp. - July 20, 2026) - Lycos Energy Inc. (TSXV: LCX) ("Lycos" or the "Company") is pleased to announce that it has entered into a definitive agreement today to acquire high netback assets under waterflood targeting the Sparky formation in the Greater Provost area of Alberta (the "Assets") for cash consideration of $70.0 million, prior to closing adjustments, with an effective date of June 1, 2026 (the "Acquisition"). The Acquisition will be funded through a $30.0 [Read more]
Chevron shuts in US Gulf platform in preparation for developing tropical storm
Chevron is shutting-in production at its Petronius facility in the U.S. Gulf of Mexico, and all associated personnel are being moved onshore in preparation for Tropical Depression Two, the company said in a statement on Monday. The U.S. oil major also said it is transporting nonessential personnel from its Tubular Bells and Blind Faith platforms. "Production from our other Chevron-operated Gulf of America assets remains at normal levels," the statement said. The depression could strengthen [Read more]
Construction begins on $4B Enbridge natural gas pipeline expansion in B.C.
PRINCE GEORGE - Enbridge Inc. has broken ground on a $4-billion natural gas pipeline expansion in British Columbia. The federal government approved the Sunrise Expansion Program in April. The project aims to add another 300 million cubic feet per day of transportation capacity to the province's natural gas transmission system. The Sunrise project is using Canadian melted and poured steel supplied by InterPro Pipe and Steel in Saskatchewan. The federal government says [Read more]
Construction begins on the Enbridge Sunrise Expansion Program
PRINCE GEORGE, BC, July 20, 2026 /CNW/ -- Canada is taking the next step in building infrastructure that will strengthen our economy, secure energy sovereignty and ensure affordability for Canadians. Today, the Honourable Tim Hodgson, Minister of Energy and Natural Resources, announced that construction has begun on the Sunrise Expansion Program in British Columbia, following the Government of Canada's approval in April 2026. This $4-billion expansion of Enbridge's Westcoast natural gas [Read more]
Red Sea war insurance costs rise after Houthi blockade, sources say
The insurance cost of shipping goods through the Red Sea rose on Monday after Yemen's Iran-aligned Houthis said they were imposing a naval blockade on Saudi Arabia, escalating risks for merchant shipping, insurance industry sources said. The move by the Houthis opens a new front against the United States in its war on Iran and widens the threat to global energy supplies and trade beyond the Gulf. Indicative war risk premiums rose to around 0.75% of the value of a ship, from around 0.3% on [Read more]
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