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Monday, October 19, 2026Updated 22:56 UTC

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Why Canadian Oil Is Lagging Even As Global Crude Soars

Source: OilPrice.com · Oct 19, 2026 17:00 UTC

Aerial view of refinery storage tanks near Houston on the Gulf coast — File photo Carol M. Highsmith / Library of Congress · Public domain · Source

The Quick Take

The oil price rally resumed its upward trajectory on Friday after the U.S. Central Command (CENTCOM) confirmed the sinking of the Singapore-flagged container ship following an Iranian Revolutionary Guard Corps (IRGC) projectile strike in the Strait of Hormuz. Brent crude for December delivery jumped 3.33% to trade at $109.50 per barrel at 2.35 pm ET, while WTI crude for November delivery was up 3.

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