Why Canadian Oil Is Lagging Even As Global Crude Soars

AI Summary

Global crude prices surged after an Iranian projectile strike sank a Singapore-flagged container ship in the Strait of Hormuz, with Brent reaching $109.50 and WTI topping $100 per barrel. The article’s headline points to Canadian crude underperforming the global rally, though the description ends before explaining why.

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 3.41% to change hands at $101.30/bbl, marking the first time the American benchmark has traded above $100/bbl in a month. However, Canadian crude continues…