MONTREAL - Rising fuel prices caused by the war in Iran have begun to raise costs for Canadian shippers and ripple out to consumers, as fallout from the fighting filters into the broader economy. The price of heavy fuel oil — used to power container ships and other large vessels — at the world’s top 20 refuelling hubs has nearly doubled since the U.S. and Israel launched attacks in late February, according to figures from data platform Ship & Bunker. Container shipping rates have [Read more]

EDMONTON - Alberta may soon require oil and gas companies to be on top of their municipal property taxes if they want to keep producing. It's one of more than a dozen proposals contained in a new report released by the province and by the Rural Municipalities of Alberta. Unpaid municipal taxes by some in the energy industry is a long-standing issue, with Alberta's rural communities owed more than $250 million as of last year. Municipal Affairs Minister Dan Williams says that money will [Read more]

OTTAWA - The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week. Economists say the central bank faces choppy waters in setting monetary policy this year, as a surprise spike in unemployment and weakness elsewhere in the economy weigh against fresh inflation risks from a global oil price shock. The Bank of Canada's policy rate stands at 2.25 per [Read more]

BARDUFOSS - Canada and its allies are prepared to defend the Arctic, Prime Minister Mark Carney said Friday in Bardufoss, Norway, after observing NATO’s Cold Response exercises. He held a news conference alongside Norwegian Prime Minister Jonas Gahr Store and German Chancellor Friedrich Merz. Asked by a German reporter whether the "conflict" over the Trump administration's demands for Greenland is settled, the leaders emphasized Greenland's independence. "It's up to the people in [Read more]

WASHINGTON - Countries around the world are grappling with skyrocketing costs for key commodities like oil and fertilizer as the war with Iran continues to upend global trade. With no end in sight, the war is likely to cast a shadow over trade negotiations ahead of the mandatory review of the Canada-U.S.-Mexico Agreement on trade — and could ultimately offer Canada more leverage in those talks. "If you're sitting in Washington and you're seeing what's happening to global markets, you're [Read more]

CALGARY - An oil market expert says the supply jolt triggered by war raging in the Middle East underscores why it's important for countries — including Canada — to keep energy stored in reserve in case of emergency. Rory Johnston, author of the Commodity Context newsletter, says the International Energy Agency's stipulation that only net importers need to hold supplies in reserves is an "old school view" that doesn't fit the current state of the world. The International Energy Agency has [Read more]

MONTREAL - The Vancouver Fraser Port Authority says a record amount of cargo flowed through its terminals last year as shippers sought to grow overseas markets far from an increasingly protectionist United States. Freight volumes at the Port of Vancouver rose eight per cent to 170.4 million tonnes in 2025, according to the federal agency. The boost was driven by surging exports of grain, crude oil and potash as well as higher container and auto trade, all of which reached record [Read more]

EDMONTON - Ottawa and Alberta have reached a prospective deal that they say will see major projects be approved more efficiently. In a joint announcement, the two governments say they'll work together when addressing the broader impacts of these projects, including on the environment. They say projects that fall under Alberta's jurisdiction will rely on the provincial regulatory process and Alberta's process will be integrated with Ottawa's for projects involving federal land and [Read more]

OTTAWA - Analysts are warning the conflict in the Middle East could drive up costs across Canada's supply chains and compound price pressures at the grocery store in the weeks to come. Global oil prices have risen sharply in recent days as Israeli and U.S. attacks on Iran threaten to escalate into a wider conflict and turn the Strait of Hormuz — a critical channel for global energy shipments — into a choke point. Fraser Johnson of the Ivey Business School at Western University says that [Read more]