Worries over escalating tensions in the Middle East and their potential to cause oil price disruptions hung over Day 1 of a major energy sector conference in Calgary.
On Tuesday, Israel’s military said Iran had fired missiles into the country. Earlier in the day, a senior U.S. administration official warned of “severe consequences” should a ballistic missile attack take place.
Global oil prices jumped on the news — the price of U.S. benchmark West Texas Intermediate was up nearly five per cent, topping US$71 per barrel midday on Tuesday. It ultimately closed up US$1.66, or 2.44 per cent, to US$69.83 per barrel.
At the Energy Disruptors: Unite conference, which kicked off Tuesday and is one of the largest annual energy sector conferences in Calgary, the day’s geopolitical developments were not far from delegates’ minds.
Calgary is home to the corporate head offices of Canada’s oil and gas sector, where fortunes rise and fall …