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Imperial Oil Ltd
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Shares Issued 481,577,721
Close 2026-09-02 C$ 184.17
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Globe/AP say Cenovus, others told Iran still fighting

2026-09-03 08:18 ET - In the News

See In the News (C-CVE) Cenovus Energy Inc

The Globe and Mail reports in its Thursday edition that Iran fired on U.S. allies in the Gulf after American bombings, which Iranian media claims included a strike on a wedding party. An Associated Press dispatch to The Globe says that this violence followed a month-long lull in a six-month war that has raised oil prices. American military resources are stretched and political pressure in Washington is mounting, while Iran's economy has been battered by sanctions and an American naval blockade. Iran's currency hit another record low on Wednesday. Crisis Group analyst Hamidreza Azizi says neither side can continue indefinitely between full-scale war and a truce. He says: "At some point, one of the sides may see a need to escalate in order to break this cycle. So that could bring the two sides to a point that they have been trying to avoid until now, which is a full-scale war." The latest flare-up in violence came as the standoff seemed to be shifting slightly more in U.S. favour, with the price of oil around $80 (U.S.) a barrel. Secretary of State Marco Rubio said Iran will "continue to feel the squeeze" from until it abandons its nuclear ambitions and stops supporting armed groups in the Middle East.

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