09:05:30 EDT Tue 22 Sep 2026
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Canadian Natural Resources Ltd
Symbol CNQ
Shares Issued 2,062,393,699
Close 2026-09-21 C$ 67.82
Market Cap C$ 139,871,540,666
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Globe says Imperial Oil told Saudi Arabia in a bind

2026-09-22 07:16 ET - In the News

See In the News (C-IMO) Imperial Oil Ltd

The Globe and Mail reports in its Tuesday edition that the war in Iran is a conflict Saudi Arabia never wanted, but it must now confront the consequences of choices made in Washington. Guest columnist Dennis Horak writes that the war's key outcome will be Iran's control of the Strait of Hormuz. The Saudis and others will seek to diversify their shipping options to reduce reliance on the Iran-controlled strait, but while Riyadh has expanded its East-West pipeline to the Red Sea for oil transport, this option may not be sustainable. Recent attacks by Iran-backed Iraqi militias on the pipeline highlight the risks, and the Houthi rebels in Yemen are moving closer to controlling shipping through the Bab al-Mandab Strait. The Saudis have looked to Washington for help in dealing with the new threat, but have been rebuffed. The United States' reluctance to engage stems from the Trump administration's choice not to consult Saudi Arabia before the Iran war, despite knowing the Gulf states would face Iranian retaliation. This indifference likely raised Riyadh's doubts about the value of its security partnership with the U.S. Looking forward, Saudi Arabia will face some tough questions, chief among them, Can Washington be trusted?

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