Energy & Commodities

A nine-week closure of the Strait of Hormuz — through which 20% of world oil flows — pushed US gasoline above $4/gallon and caused the steepest monthly global oil demand drop in five years. The crisis, sparked by a February 2026 US-Israel strike on Iran, hit Asian petrochemical industries first before spreading into Western consumer markets. IMF economists are drawing direct comparisons to the 1970s oil shocks.

The U.S. government's $20 million grant to solid-state battery startup Ion Storage Systems has reignited debate about the gap between laboratory promise and commercial reality in the global clean-energy transition. As nations from Japan to Germany to China pour billions into next-generation battery technology, scrutiny of performance claims has never been more consequential. Independent analysts rate the investment risk around Ion Storage's CO2 projections as catastrophic in severity.

Canadian Natural Resources is advancing a sweeping expansion of its Alberta oil sands operations, with new SAGD and CSS production facilities set to add significant heavy crude volumes by 2027. The company's $6.4 billion capital program — one of the largest in the Western Hemisphere's upstream sector — signals that Canadian producers are building against the cycle, underpinned by low-decline, long-life assets that remain resilient even as global oil markets face geopolitical and demand-side unce

Canadian Natural Resources Limited is deploying a novel naphtha recovery process at its Horizon facility to squeeze an additional 6,300 barrels per day of premium synthetic crude from waste streams by 2027 — without expanding its mining footprint. The move reflects a broader industry pivot toward capital efficiency and environmental pragmatism as oil sands producers face scrutiny from regulators, markets, and trading partners alike. Set against a reshaping of Canadian export infrastructure and a