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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]

Long before the U.S. and Israel attacked Iran, the Islamic Republic had devised its own weapon: holding the world’s main oil lifeline hostage to offset its foes' military superiority, three regional sources familiar with Iranian planning said. For decades Iran has signalled that if pushed into a confrontation, it would restrict tanker traffic in the Strait of Hormuz, the chokepoint where its adversaries are most exposed because disruptions there reverberate instantly through global energy [Read more]

A handful of Greek shipowners have sent crude oil and dry bulk tankers through the Strait of Hormuz during the U.S.-Israeli war on Iran, risking destruction from mines, missiles and drones for a chance at millions of dollars in quick profits. The voyages reflect the financial allure of soaring crude oil prices and surging tanker rates since the start of the war, which has effectively sealed off a fifth of the world’s oil and liquefied natural gas supply from global markets. U.S. President [Read more]

Following through on an old threat, Iran has effectively closed the Strait of Hormuz, cutting off a vital waterway that normally carries about a fifth of global oil and liquefied natural gas supplies, in retaliation for U.S.-Israeli strikes. As oil markets worry about a global energy crisis, the United States has said it may consider escorting vessels through the strait, which could prove very hard to secure - something Yemen's Houthis proved in disrupting Red Sea shipping last year. About [Read more]

France is pushing on with efforts to put together a coalition to secure the Strait of Hormuz once the security situation stabilises, two French officials said on Friday, after a report suggested Paris was negotiating safe passage for its ships. European states have been largely sidelined as the U.S.-Israeli war on Iran has ‌escalated, with Iran carrying out strikes against Israel, U.S. bases and Gulf states. But with shipping lanes affected and the conflict pushing up oil prices, European [Read more]

Crude oil supply cuts are on track to reach nearly 12 million barrels per day by the end of next week, intensifying deficits in physical markets as tanker movements through a key Middle Eastern waterway face a two-week disruption, JPMorgan said in a note on Friday. "Commercial tanker traffic remains extremely limited, with most vessels now Iranian and likely headed to China," the bank said, adding that while cargoes leaving the Gulf before the shutdown are still arriving, new shipments have [Read more]

The International Energy Agency said the closure of the Strait of Hormuz has triggered the largest disruption to global oil markets in history, with supply expected to fall by about 8 million barrels per day in March, or around 8%. The agency's member countries responded by agreeing to release a record 400 million barrels from strategic stockpiles to stabilise oil prices and compensate for the loss of Middle East output. Here is a list of some of the previous disruptions to oil [Read more]

World markets, rocked by a Middle East war that could trigger another inflationary shock, are looking back at the play book from Russia's invasion of Ukraine in 2022 for clues on what's next. Back then, with the global economy emerging from the COVID-19 pandemic, surging energy prices magnified already rising inflation, equities fell, and investors sought safety in the dollar. "There are some parallels, in the sense that the global economy is weak now because of the trade war," said George [Read more]