Headlines

Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran’s state news agency IRNA reported on Saturday. IRNA said obtaining special permission for Iraqi tankers was one of Baghdad’s main requests during Iranian parliament speaker Mohammad Baqer Qalibaf’s visit to Iraq. Iraqi President Nizar Amedi said on Saturday that Iran had facilitated the passage of vessels carrying Iraqi oil [Read more]

The United States and Iran exchanged defiant messages ahead of Monday's scheduled announcement of new U.S. economic sanctions that could impact the Islamic Republic and Tehran's most important trading partners including China. As the war neared six months old, the two sides were not exchanging fire but also not pursuing peace talks. All the while, oil shipments through the Strait of Hormuz have virtually halted as Tehran clings to its leverage by threatening to strike any unauthorized oil [Read more]

U.S. President Donald Trump said on Friday he did not think that Iran was ready make the "right deal," and that Washington was observing "what happens" in the conflict. "It just means that we're seeing what happens," Trump told reporters when asked if U.S. military options with Iran were limited. "We have total control of that entire region having to do with the Strait of Hormuz, and that means well into it, the land areas. So, they would love to make a deal, but they're not ready to make [Read more]

WINNIPEG - Manitoba's premier says studies showing year-round shipping potential from the Port of Churchill boost the case for expanding the Arctic deepsea port. Wab Kinew says the studies address a key concern from shippers and will help attract investment. The studies suggest that advances in marine technology and declining sea ice due to climate change mean shipping can be greatly expanded from the current four-month window. They also show the waterways could be navigated year-round [Read more]

U.S. energy firms this week cut the number of rigs operating for the first time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by five to 588 in the week to August 21. Baker Hughes said the total count was still up 50 rigs, or 9.3%, from this time last year. Baker Hughes said oil rigs fell by three to 452 this week, while gas rigs fell by one to 127 and other [Read more]

Offers of Iranian crude to Chinese buyers have declined and prices have jumped this week as the U.S. blockade has cut Tehran's shipments, according to trade sources, with the threat of more sanctions from Washington looming. The U.S. re-imposed its blockade of Iran's shipping and ports on July 13 as a deal to halt the war between them broke down in an attempt to cut off oil sales — Tehran's primary source of hard currency — compounding earlier losses from wartime strikes on its energy [Read more]

Oil prices fell slightly on Friday, but were on track for a second weekly rise as the stalemated U.S.-Iran war continues to disrupt supply from the key Middle East producing region. Brent crude futures fell 23 cents, or 0.3%, to $93.55 a barrel by 0142 GMT, after climbing 2.4% in the previous session. U.S. West Texas Intermediate crude futures slipped 33 cents, or 0.4%, to $86.50 a barrel, after rising 2.3% in the prior session. During the previous five days of gains, Brent gained more [Read more]