UAE Oil Chief: Hormuz Strait Closed, Iran Restricts Access
The head of Abu Dhabi National Oil Co. states Iran continues to block the Strait of Hormuz, forcing Gulf producers to shut oil and gas production and disrupting global energy flows.
Category : Energy Sector
Goldman Sachs Warns of $100+ Brent Oil if Hormuz Strait Closed
Goldman Sachs analysts predict Brent crude could average over $100 per barrel through 2026 if the Strait of Hormuz remains closed for another month, following geopolitical tensions between the U.S. and Iran.
Windsor Gas Prices to Fall 13 Cents on Friday
Windsor drivers can expect relief at the pumps as gas prices are projected to decrease by 13 cents this Friday, according to recent forecasts.
Ontario Gas Prices to Drop After Ceasefire Lowers Oil Costs
Gas prices in Ontario are expected to fall significantly by Friday, with analysts citing a crude oil price drop following a temporary Middle East ceasefire agreement.
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Oil Prices Climb with Strait of Hormuz Blocked, Ceasefire at Risk
Oil prices rebounded sharply after their biggest one-day drop since 2020 as the Strait of Hormuz remains largely blocked and Israeli attacks on Lebanon threaten the fragile Middle East ceasefire, causing major market disruption.
Chevron Forecasts $2.2B Upstream Earnings Rise on Q1 Prices
Chevron anticipates a significant boost in upstream earnings, up to US$2.2 billion, driven by elevated first-quarter oil and gas prices, signaling strong performance amid market volatility.
Oil Prices Jump Near $100 on U.S.-Iran Ceasefire Doubts
Oil prices have climbed back to nearly US$100 per barrel as market skepticism grows over a fragile ceasefire between the U.S. and Iran, impacting global energy markets.
Aduro Awards Permitting Contract to Ebert HERA for Chemelot Project
Aduro Clean Technologies has awarded a contract to Ebert HERA to lead the permitting process for its first-of-a-kind industrial facility at Chemelot Industrial Park in the Netherlands, advancing its waste-to-resources technology.
LNG Canada Gas Flaring Exceeds Permit Limits
Internal documents show LNG Canada's gas flaring operations have significantly exceeded the volumes allowed under environmental permits, raising concerns about regulatory compliance and emissions.
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Gas Prices to Drop in Ottawa Today and Friday
Motorists in Ottawa can expect a significant drop in gas prices today and on Friday, providing relief amid recent spikes. Experts attribute the decrease to market adjustments and seasonal factors.
Oil Rebounds After Biggest Drop Since 2020 Amid Hormuz Blockade
Oil prices surged following their largest single-day decline since April 2020, as the Strait of Hormuz remains blocked and Israeli strikes in Lebanon threaten Middle East ceasefire stability.
High Oil Prices Persist Despite Sharp Ceasefire Drop
Oil prices remain over 40% higher since February despite a significant drop following Middle East ceasefire announcement. Canadian experts predict months before normalization as key supply issues persist.
Iran Ceasefire Impact on Maritime Gas Prices Analyzed
A proposed ceasefire in Iran could lead to a significant drop in gas prices across the Maritimes by the end of the week, with experts predicting a 12-cent-per-litre decrease.
Canadian Oil Premium Hits Two-Year High on Gulf Coast
Canadian heavy crude for June delivery trades at a US$13.55 premium on the U.S. Gulf Coast compared to Alberta prices, the widest spread since December 2023, driven by Middle East supply disruptions.
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Copper Hits Three-Week High on Iran Ceasefire Sentiment
Copper prices surged to a three-week high as a proposed ceasefire between the U.S. and Iran boosted risk appetite, though aluminum fell due to supply concerns in the Middle East.
Oil Prices Drop, Gas Relief Delayed for Canadian Drivers
A sharp decline in global oil prices will not immediately translate to lower fuel costs at Canadian gas stations, with experts predicting a lag of several days before consumers see any savings.
Suncor Confirms Steam Leak at Firebag Site, Incident Resolved
Suncor Energy has reported a steam leak at its Firebag oil sands facility near Fort McMurray, Alberta. The company states the incident has been fully resolved with no injuries or environmental impact.
Energy Crisis Measures Emerge Amid Iran War Ceasefire
Countries worldwide adopt short-sleeve policies and gas station limits to combat energy shortages following the U.S.-Iran temporary ceasefire, while political shifts unfold in Canada.
Iran War Sparks Global Rush to Hoard Aluminum, Copper
Escalating Middle East tensions are driving nations to stockpile critical metals like aluminum and copper, exacerbating a global supply crunch and threatening industrial stability.
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$950 Million Bet Against Oil Prices Before Ceasefire
Financial markets witnessed a massive $950 million short position on oil futures placed just hours before a major ceasefire announcement, signaling trader anticipation of price declines amid geopolitical shifts.
Deep-Sea Mining Merger: Ex-Rio Tinto CEO's Firm Joins Odyssey
A major deep-sea mining company led by a former Rio Tinto CEO announces a $1 billion merger with Odyssey, signaling growth in the controversial industry.
Saudi Oil Pipeline Attacked After Iran-US Ceasefire Deal
A drone strike has targeted Saudi Arabia's vital East-West oil pipeline, a key economic artery, just hours after a ceasefire agreement between Iran and the United States was announced.
Gas Prices Expected to Drop 12 Cents per Litre on Friday
A notable price reduction of approximately 12 cents per litre is anticipated for gasoline across Canada this Friday, according to industry analysts, amid global energy volatility and domestic economic pressures.
Oil Plunge, Stocks Surge After U.S.-Iran Ceasefire
Global markets react dramatically as oil prices tumble toward $90 a barrel and U.S. stocks jump 2.7% following a ceasefire agreement between the United States and Iran, easing geopolitical fears.
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Gas Prices to Fall 12 Cents/Litre This Friday
Affordable Energy president announces a significant 12-cent-per-litre drop in gas prices starting Friday, offering relief to consumers amid fluctuating fuel costs.
Jet Fuel Supply Recovery to Take Months Post-War
IATA warns jet fuel supplies will take months to normalize after Middle East war disruption, even with Strait of Hormuz reopening, likely leading to higher airfares.
Oil Tumbles Below $100 After Trump Ceasefire
Global oil prices have sharply declined, dropping below the $100 per barrel threshold after former President Donald Trump announced a two-week ceasefire in a major conflict zone, easing supply concerns.
Deloitte: Global Energy Volatility Hits Western Canada Gas Prices
A new Deloitte forecast highlights disruptions in the Strait of Hormuz as a key driver of volatile fuel prices, with continued pressure expected on Western Canada's natural gas markets amid global supply constraints.
Shippers Await Hormuz Reopening After U.S.-Iran Ceasefire
Global shipping companies are seeking urgent clarity on the reopening of the Strait of Hormuz following a U.S.-Iran ceasefire deal, as disruptions impact energy markets and trade routes.
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Exxon Sees Q1 Profit Bump from Iran War, Later Downstream Boost
Exxon Mobil forecasts increased upstream earnings in Q1 due to the Iran war's impact on oil markets, with downstream profits expected to rise in subsequent quarters as shipments are delivered, according to a recent regulatory filing.
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