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The Middle East oil shock

Oil is sold on a world market, so Canadian refiners pay the world price. No official negotiations to end the war are under way.

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Claims from: US oil closes above US$100 a barrel · Show all story claims

The International Energy Agency estimated that Gulf oil exports in August 2026 were nearly half their prewar level. It credited part of that flow to routes that bypass the Strait of Hormuz. Which September 2026 event bears most directly on whether exports stayed at that level?

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