LETHBRIDGE - Alberta Premier Danielle Smith says the war in Iran underscores the need for a new pipeline connecting her province's oil reserves to the West Coast. The threat of shipping disruptions have seen global oil prices jump since American-Israeli attacks on Iran over the weekend. Smith says any disruption in the Strait of Hormuz, a key oil choke point at the mouth of the Persian Gulf, only underscores the need for a new pipeline that could bring her province’s pivotal export to [Read more]
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Fuel tanker ablaze in Strait of Hormuz after drone strike, Iran Revolutionary Guards say
Iran's Revolutionary Guards said a fuel tanker was burning in the Strait of Hormuz after being hit by two drones, Iranian news agencies reported on Monday. The strait is the world's most vital oil export route, connecting the biggest Gulf oil producers, such as Saudi Arabia, Iran, Iraq and the United Arab Emirates, with the Gulf of Oman and the Arabian Sea. A Guards statement named the vessel as Athen Nova, an apparent reference to Honduras-flagged asphalt tanker Athe Nova, which it said [Read more]
How have US presidents tapped the Strategic Petroleum Reserve during war?
While the U.S. has no plans yet to sell oil from the Strategic Petroleum Reserve, the world's largest emergency oil stockpile, presidents have long tapped it during times of crisis in attempts to control fuel prices for U.S. consumers. The administration of President Donald Trump is not currently discussing selling oil from the SPR, a U.S. source said on Monday. But if oil prices continue to rise following the U.S.-Israeli attacks on OPEC-member Iran that killed Supreme Leader Ali Khamenei [Read more]
Oil markets’ bet on a brief Iran shock is about to be tested: Bousso
The relatively modest jump in oil prices in the wake of the U.S.-Israel warwith Iran suggests investors are betting that the disruption to oil supplies from the Middle East will be short-lived. But that optimism may be misplaced. While the region's oilfields have so far escaped damage by the third day of the conflict, the inability to ship fuel out of the Gulf is already straining a tightly interconnected global energy system. Every day of disruption compounds pressure on producers and consumers [Read more]
US not currently discussing sale of oil from SPR, source says
Selling oil from the U.S. Strategic Petroleum Reserve after the U.S. and Israeli attacks on Iran is 'not currently being discussed', a U.S. source said on Monday. "Oil markets remain well supplied", the source said. The SPR, held on the coasts of Louisiana and Texas, is the world's largest emergency oil stockpile, currently hold more than 415 million barrels of crude. Former President Joe Biden ordered the biggest sale ever from the reserve, 180 million barrels over six months, after [Read more]
Mideast Gulf ship insurance costs soar as US-Iran war escalates, say sources
The insurance cost of shipping goods through the Middle East Gulf has surged as much as five times in the past 48 hours since the U.S. and Israeli began airstrikes on Iran, with most underwriters not offering cover for any sailings through the Strait of Hormuz, insurance industry sources said on Monday. War risk premiums have risen up to 1% of the value of a ship, from around 0.2% last week before the latest operations began, the sources said, adding that rates excluded the Strait of [Read more]
Iran conflict poses new risk to US economic resilience
A U.S. economy that has weathered a year of trade, immigration and other shocks now faces a new test likely to ratchet up uncertainty after President Donald Trump's decision to launch open-ended attacks against Iran with the stated goal of toppling the Middle Eastern country's long-ruling Islamist government. With counter-strikes underway throughout the region and Trump saying the conflict could go on for weeks at least, analysts focused on a long list of imponderables as oil prices jumped over [Read more]
Qatar’s role in the global gas market
By Marwa Rashad LONDON, March 2 - Qatar, one of the world's largest liquefied natural gas producers, halted LNG and related output on Monday after strikes on facilities in Ras Laffan. The country accounts for about 20% of global LNG exports, all of which transit the Strait of Hormuz, according to analysts. Here are some key facts: ** State-owned QatarEnergy shipped 80.97 million metric tons of LNG in 2025. ** It plans to expand output capacity to 142 million tons per annum (mtpa) by [Read more]
From oil spikes to equity swings: How the Mideast conflict is driving markets
An escalating conflict in the Middle East rattled global markets on Monday, as the prospect of a long-drawn fight drove energy prices higher and hammered travel stocks and regional assets. Israel attacked Lebanon in response to strikes by Hezbollah, while Tehran fired missiles and drones at Israel, Gulf states and a British air base in far-away Cyprus. U.S. President Donald Trump said the military campaign against Iran could continue for the next four weeks, according to an interview on [Read more]
Canada secures 30 new critical minerals partnerships and unlocks $12.1 billion in mining project capital
TORONTO, March 2, 2026 /CNW/ - Canada has what the world wants, and we are stepping up as a trusted partner in critical minerals production. Defence and clean technology supply chains depend on stable access to mineral supply, yet markets are increasingly shaped by concentration and geopolitical risks. In this environment, Canada is being looked to not only as a resource superpower but as a supplier that brings stability, sustainability and transparency to markets. Today, during the [Read more]
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