Oil prices edged higher on Tuesday, though gains were capped as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects. Brent crude futures gained 38 cents, or 0.5%, to $72.37 a barrel, while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $68.85 a barrel as of 0350 GMT, after settling down at around pre-Iran war levels on Monday. "The steps towards recovery in supply have eased the immediate [Read more]
Headlines
Iran fires missiles at commercial ships in Strait of Hormuz, Axios reports
Iran's Revolutionary Guards fired at least two missiles at commercial ships transiting through the Strait of Hormuz on Monday night, Axios reported, citing two U.S. officials. Two commercial ships suffered significant damage but had no casualties, the report said, citing a U.S. official. U.S. Central Command did not immediately respond to Reuters' request for comment. The United Kingdom Maritime Trade Operations agency (UKMTO) said early on Tuesday that a tanker was hit by an unknown [Read more]
Global LNG trade hit record in 2025, but Middle East conflict clouds outlook, IGU says
Global liquefied natural gas trade hit a record last year as strong U.S. exports and rising European imports offset weaker Asian purchases, the International Gas Union said in a report on Wednesday. Conflict in the Middle East could lead to a contraction in 2026, however, it warned. "The conflict in the Gulf has damaged LNG infrastructure, clouded the outlook for the region's expansion projects, and exposed Asian buyers to flow uncertainty and higher prices," IGU President Andrea Stegher [Read more]
UKMTO says tanker catches fire after projectile strike east of Oman’s Limah
A tanker was hit by an unknown projectile on its port side while traveling southbound about 8 nautical miles (14.8 km) east of Oman's Limah, causing a fire, the United Kingdom Maritime Trade Operations agency (UKMTO) said early on Tuesday. UKMTO said no casualties or environmental impact had been reported. (Reporting by Enas Alashray; Editing by Christian Schmollinger) [Read more]
Discount on Western Canada Select unchanged
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures held steady on Monday. WCS for August delivery in Hardisty, Alberta, settled at $15.15 a barrel below the U.S. benchmark WTI, according to brokerage CalRock, unchanged on Friday's close. * The discount is now trading at levels similar to May, having unwound most of the tightening that took place in June. * The surge in Strait of Hormuz exit flows and the ongoing weakness in [Read more]
Saturn Oil & Gas Inc. Announces Extension and Increase to Credit Facility
Calgary, Alberta--(Newsfile Corp. - July 6, 2026) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) ("Saturn" or the "Company"), a light oil-weighted producer focused on unlocking value through the development of our assets in Saskatchewan and Alberta, is pleased to announce that the Company has entered into a credit agreement amendment dated June 30, 2026 to amend our syndicated credit facility (the "Credit Facility"). The tenor of the Credit Facility has been amended from two years to [Read more]
Gibson Energy Confirms 2026 Second Quarter Earnings Release Date and Provides Conference Call & Webcast Details
CALGARY, Alberta, July 06, 2026 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today that it expects to release its 2026 second quarter financial and operating results on Monday, July 27, 2026, after the close of North American markets. The 2026 second quarter management's discussion and analysis and unaudited consolidated financial statements will be available on the Company's website at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca. Earnings [Read more]
A look at defunct past pipeline pitches and their recent revivals
CALGARY - Pipeline proposals long considered dead and buried are coming back from the grave — sort of. Past plans to send oilsands crude east, west and south are being revived with different branding, proponents and routes. And, at least in the first two cases, the efforts are being driven by politicians rather than the private sector. Here is a look at defunct projects of yore and their resurrected versions: East "No one would ever think in 100 years this would be done," Ontario [Read more]
Oil stocks in US Strategic Petroleum Reserve fall to lowest level since 1983
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 6.2 million barrels in the week ending July 3 to 319.5 million barrels, the lowest level since April 1983, according to data from the Department of Energy. The drawdown is part of a U.S. agreement to release 172 million barrels from the facility to plug a gap in global inventories since the Iran war and help push down fuel prices. Since the war began at the end of February, overall U.S. inventories, including commercial and [Read more]
Cuba’s national electric grid collapses, reason unknown
Cuba's national electric grid collapsed on Monday at midday, the country's grid operator said, leaving around 10 million people on the Caribbean island without power. Grid operator UNE said it was investigating the cause of the nationwide blackout. Cuba has for months suffered from hours-long, and more recently, days-long power outages linked in part to a decrepit grid and a U.S. imposed oil blockade that has cut off the island's fuel supply. The nationwide outage is more bad news for [Read more]
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