Crude oil prices surged on geopolitical tensions before retreating as markets digested lower global demand forecasts.

US stocks slide today on Middle East tensions. S&P 500 and Nasdaq dip as Nvidia, Visa fall; oil stocks like Exxon and Halliburton see gains.

Following Israel's attack on Iran, aimed at taking out its nuclear capabilities, both West Texas Intermediate and Brent crude prices surged above $70 a barrel on Friday. That $70 level will likely hold "on a sustained basis for the time being,

US Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency.

Canada posted a $7.1-billion merchandise trade deficit in April – the largest on record – as exports fell sharply in the face of U.S. tariffs. The value of exports to the U.S. fell 15.7 per cent from the previous month, Statistics Canada reported. The decline was led by a sharp pullback in autos, consumer goods and crude oil exports.

Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal,