Daily tanker traffic in the Strait of Hormuz appeared to have slowed on Friday, after the U.S. and Iran exchanged hostilities this week and renewed their arguments over who was in control of passage through the critical waterway. The attacks renewed concerns about the recovery of global oil supplies and shipping, and highlighted the fragility of an interim truce while the U.S. and Iran hammer out a lasting agreement. Oil prices eased on Friday but remained on track for weekly gains of 4-5% [Read more]
Headlines
Prime Minister of Canada Mark Carney and the Crown Prince and Prime Minister of Saudi Arabia, His Royal Highness Mohammed bin Salman commit to deepening bilateral engagement and economic cooperation
JEDDAH, Saudi Arabia, July 9, 2026 /CNW/ - "At the invitation of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Right Honourable Mark Carney, Prime Minister of Canada, made an official visit to Jeddah, the Kingdom of Saudi Arabia during the period of (23-25) Muharram 1448 AH corresponding to (8-10) July 2026. Leaders agreed to elevate bilateral ties and set clear priorities for a deeper and sustained cooperation across trade, [Read more]
Iran escalation could threaten 2027 oil market surplus, IEA says
A recent escalation of hostilities between the U.S. and Iran could upend the International Energy Agency's forecast of a significant oil market surplus next year, it said on Friday, as global supply jumped in June when the Strait of Hormuz reopened but still lagged pre-war levels. Global oil markets received some respite last month as a peace agreement between the U.S. and Iran facilitated the opening of the Strait, the effective closure of which had taken out as much as 14 million barrels [Read more]
Oil heads for weekly gain as Middle East supply risks persist
Oil prices rose on Friday and were set for weekly gains because of renewed fears of supply disruptions from the key Middle East producing region after renewed fighting between the U.S. and Iran this week curtailed shipping in the Strait of Hormuz. Brent futures were up 19 cents, or 0.25%, to $76.49 a barrel by 0319 GMT. U.S. West Texas Intermediate (WTI) crude gained 19 cents, or 0.26%, to $72.27. For the week, Brent was set for a gain of about 6% and WTI was headed for a 5% increase. "Prices [Read more]
Discount on Western Canada Select narrows
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures narrowed on Thursday. WCS for August delivery in Hardisty, Alberta, settled at $14.30 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, compared to $14.40 on Wednesday. * The discount remains significantly wider than it was in June, due to the partial reopening of the Strait of Hormuz and the ongoing weakness in China's import appetite, which is hurting demand for [Read more]
Fuel markets flash supply crunch despite calmer oil prices
Gasoline and diesel markets are signalling a fuel supply crunch despite relatively subdued crude oil prices, suggesting the energy shock from the Iran war may be far from over. Energy prices surged after the U.S.-Israeli war on Iran led to the effective closure of the Strait of Hormuz, which carried about a fifth of global oil supplies before the conflict. But while crude prices fell sharply after last month's ceasefire deal — and have risen relatively modestly on bursts of renewed [Read more]
Carney pitches tighter Canada-Saudi mining and energy ties
Mark Carney, making the first visit to Saudi Arabia by a Canadian prime minister for 26 years, on Thursday said the two nations were well-placed to deepen mining and energy ties. * Carney, who says U.S. tariffs on key exports mean Canada must diversify its trade, has made a series of foreign visits over the last year in a bid to drum up business. * Carney told a televised business forum that Saudi Arabia could help Canadian mining firms develop. * Carney met Amin Nasser, head of state [Read more]
Strategic oil reserve buying set to support crude demand through 2028
Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the U.S.-Israeli war on Iran, analysts and officials said. This could boost demand for crude that would absorb some of the expected global supply surplus following OPEC+'s decision to increase output, they say. Governments drew down emergency reserves after supply disruptions linked to the conflict removed an estimated 1.5 billion barrels [Read more]
SECURE Stampede Charity Party Raises $840,000 For Four Community Organizations
CALGARY, AB, July 9, 2026 /CNW/ - SECURE Waste Infrastructure Corp. ("SECURE" or the "Corporation") is proud to announce that the 2026 SECURE Stampede Charity Party raised $840,000 in support of four organizations making a meaningful difference in our community: STARS, Calgary Food Bank, KidSport Calgary and Providence. Held during the Calgary Stampede on July 8, the event brought together more than 800 guests for a day of celebrating community and giving back, capped off by a live [Read more]
US natgas prices fall to 6-week low on Freeport LNG maintenance, big storage build
U.S. natural gas futures fell about 4% to a six-week low on Thursday on expectations gas flows to liquefied natural gas (LNG) export plants will remain low through late August due to planned maintenance at Freeport LNG's plant in Texas, and after the release of a federal report showing last week's storage build was much bigger than expected. Front-month gas futures for August delivery on the New York Mercantile Exchange fell 13.9 cents, or 4.3%, to $3.073 per million British thermal units [Read more]
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