Headlines

A planned meeting between Iranian and U.S. officials in Switzerland on Friday has been postponed, with arrangements underway for talks in the coming days, Iran's Foreign Ministry said on Friday. The ministry said the meeting was no longer urgent because a memorandum of understanding on ending the war had already been signed digitally between the two sides. The ministry spokesperson, Esmaeil Baghaei, added that negotiations on a final agreement would depend on the start and continued [Read more]

Crude oil differentials in Europe that help set the global Brent benchmark have fallen further this week as increased flows through the Strait of Hormuz eased concerns about Middle East supply disruptions, traders and analysts said. U.S. Vice President JD Vance said on Thursday that 12.5 million barrels of oil flowed through the strait after the U.S. and Iran signed an interim deal to end their war. The strait, which carried up to 20 million barrels per day before the war, had been effectively [Read more]

Iran's Strait of Hormuz body said on Friday it would waive planned fees to use the strait during a 60-day negotiation period under the memorandum of understanding signed with the United States this week. Ships seeking passage through the strait while the interim agreement is in force must submit transit requests at least 48 hours before arrival, Iran's Persian Gulf Strait Authority (PGSA) said in a notice. Iran would waive fees for security, safety, environmental services and related [Read more]

Oil prices fell on Friday as prospects brightened for more supply after oil tankers began moving through the reopening Strait of Hormuz following a peace deal between the United States and Iran. By 0328 GMT, Brent crude futures fell 43 cents, or 0.54%, to $79.42 a barrel and U.S. West Texas Intermediate crude slipped 17 cents, or 0.22%, to $76.43 a barrel, with the front-month July contract expiring on Monday. The more actively traded August contract was down 30 cents at $75.55 a [Read more]

Iraq's oilfields are ready to resume production and a return to normal output levels will take place gradually until previous production rates are restored, Oil Minister Basim Mohammed told Iraq's state news agency early on Friday. He said state oil marketer SOMO had contacted all customers to nominate chartered and owned tankers to load contracted Iraqi crude oil cargoes from the country's southern ports. He added that the resumption of exports would be gradual and dependent on the smooth [Read more]

Citi said on Thursday it expects oil prices to trend lower over the next six to 12 months, to $60 to $65 per barrel by the first quarter of 2027 as flows through the Strait of Hormuz normalize following the signing of a U.S.-Iran MoU to end their conflict. Oil tankers sailed through the strait and the United States said it lifted its blockade on Iran on Thursday as an interim deal to end the war took effect, though key issues are still unresolved between the two countries. The bank added that [Read more]

EDMONTON - Albertans who apply for $100 payments from the province could see the money land in their bank accounts within two weeks of applying. Premier Danielle Smith has said her government is doling out the affordability payments instead of reducing its tax on gasoline at the pumps. Smith says cuts to gas taxes don't always get passed on to consumers, so the payments are the best way to help Albertans with the high cost of living. The U.S.-Iran military conflict sent fuel prices [Read more]