Headlines

The Strait of Hormuz will be open but under new conditions to be set by Iran and Oman, including a transit fee, Iran's ambassador to Moscow was quoted as saying on Monday. The U.S.-Israeli war on Iran has largely cut oil flows via the strait, which before the conflict saw one-fifth of the world's oil pass through. Several tankers have managed to leave the Gulf recently, but oil and liquefied natural gas flows are still severely constrained. "Of course, this strait will be open, but with [Read more]

The Israeli military said it identified missiles launched from Iran toward the territory of the state of Israel a short time ago, adding that defense systems are operating to intercept the threat. (Reporting by Eman Abouhassira; Editing by Edmund Klamann) [Read more]

Iran's Deputy Foreign Minister Kazem Gharibabadi said on Sunday that regional governments were "not in a position to demand reparations", responding to what he said were reports that the U.S. could use Iranian assets to compensate regional allies for war-related damages. Gharibabadi added in a post on X that Iran's assets were "neither war spoils for Washington nor a payment fund for its allies". Reuters reported on Saturday, citing a source familiar with the matter, that the United States [Read more]

The U.S. naval blockade of Iran and its green light on Sunday for Israel to escalate attacks in Lebanon make U.S. bases and Israeli assets in the Middle East legitimate targets, Iran's top negotiator said in a post on X. The comments from Iran's Parliament speaker, Mohammad Baqer Qalibaf, follow Israeli attacks on the southern suburbs of Lebanon's capital, a stronghold of Iran's ally Hezbollah. "They are neither committed to a ceasefire nor believe in dialogue, and through the naval [Read more]

TORONTO - Five things to watch for in the Canadian business world in the coming week: Energy conference The Global Energy Show is set to kick off in Calgary on Tuesday. Among the scheduled speakers are federal Natural Resources Minister Tim Hodgson, the premiers of Alberta, Saskatchewan and the Northwest Territories and the CEO of Abu Dhabi National Oil Co.'s upstream division. Trade figures Statistics Canada will release its international merchandise trade numbers for April on [Read more]

Rosneft Chief Executive Igor Sechin said on Saturday that U.S. energy companies were the main beneficiaries of the closure of the Strait of Hormuz and that Washington was trying to change the fundamental contours of the global energy markets to suit U.S. interests. Iran blockaded the Strait, the main route for about a fifth of world oil supplies and other vital goods including fertilisers, after the United States and Israel attacked Iran and killed Supreme Leader Ayatollah Ali Khamenei in [Read more]

Goldman Sachs said in a note on Friday that global oil demand has declined more than expected, posing two-sided risks to its fourth-quarter 2026 Brent crude price forecast of $90 a barrel and WTI forecast of $83 per barrel. The bank estimated 4 million to 5 million barrels per day (mb/d) of global oil demand destruction in April, as the closure of the Strait of Hormuz to oil tankers appeared to have reduced global demand by 4% to 5%. The decline in demand was driven by weaker consumption, [Read more]

U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and natural gas rig count, an early indicator of future output, rose by one to 563 in the week to June 5, its highest since May 2025. With this week's rig increase, Baker Hughes said the total count was up four rigs, or 1% above this time last year. Baker Hughes said oil rigs rose by two to 431 this [Read more]

Companies that borrowed oil from the U.S. Strategic Petroleum Reserve in recent months will add an extra 40 million barrels of crude in the form of premiums after the conflict in Iran is over, U.S. Energy Secretary Chris Wright said on Friday in an interview on Fox Business. Fuel prices have spiked since the U.S.-Israeli war on Iran began in February, but Wright said he is not worried about stock levels in the SPR, which are at low levels. "I'm not concerned, because we're not selling any [Read more]