The Globe and Mail reports in its Friday edition that a potential truce in the oil price war between Saudi Arabia and Russia hoisted crude futures from their lowest levels in nearly 20 years on Thursday, sparking a relief rally in Canadian energy stocks ravaged by the COVID-19 pandemic. The Globe's Tim Shufelt writes that U.S. President Donald Trump claimed to have brokered a deal between the feuding oil giants that would deliver a production cut of 10 million to 15 million barrels a day, which drove a 22-per-cent gain in West Texas Intermediate to nearly $25 (U.S.) a barrel. A cut of that magnitude could lower the risk of a monumental global supply glut and help prevent, or at least defer, mass bankruptcies in the energy sector in Canada and around the world. Shares in senior Canadian producers such as Suncor and Canadian Natural Resources rallied on the day by 7 per cent to 8 per cent. "Cutting production significantly now will mitigate or slow the chance of hitting full storage and that is good for preventing a collapse in oil to single digits," said Rafi Tahmazian at Canoe Financial. Since the start of the week, Suncor's stock is up by 46 per cent, while Canadian Natural has risen 49 per cent.