Headlines

OTTAWA - Prime Minister Mark Carney says the federal government is looking at how to support Canadians as oil prices rise amid the ongoing war in the Middle East. Oil prices have surged since the U.S. and Israel attacked Iran on Feb. 28, averaging more than $1.80 per litre across Canada today, compared with about $1.32 a year ago. Carney says his government wants to help "cushion the blow" for Canadians. The conflict has cut off flows of crude through the critical Strait of Hormuz and [Read more]

Fuel prices could keep rising for months even after the Strait of Hormuz reopens, the U.S. Energy Information Administration said on Tuesday, deviating from President Donald Trump's assurances that consumers will see immediate relief when he ends the war with Iran. The U.S.-Israeli war with Iran, now in its second month, has sent oil and fuel prices skyrocketing around the world as Iran has been blocking vessels from crossing the Strait of Hormuz, a key trade chokepoint. Trump, whose approval [Read more]

Global markets have entered a period of heightened uncertainty ahead of a deadline set by U.S. President Donald Trump for Iran, with investors weighing various outcomes ranging from a ceasefire to renewed military escalation and their implications for oil, currencies and risky assets. Iran showed no sign of agreeing to Trump's demand that it open the Strait of Hormuz by the end of Tuesday or suffer massive attacks on its civilian infrastructure in what would be the biggest escalation yet of [Read more]

The leaders of the International Energy Agency, the International Monetary Fund and the World Bank will discuss the energy crisis triggered by the Iran war next Monday, IEA executive director Fatih Birol said on Tuesday. "This energy crisis calls for all hands on deck & international cooperation," Birol said on social media platform X, stressing the need for the three institutions to support governments worldwide amid the economic fallout from the war. Birol, the IMF's chief Kristalina [Read more]

Talks between the United States and Iran were at risk of being derailed following Tehran's attacks on Saudi Arabian industrial facilities, two Pakistani sources with knowledge of the discussions told Reuters on Tuesday, as the hours before President Donald Trump's threat to unleash "hell" on the nation dwindled. The next few hours of talks are critical, one of the sources said. Trump has given Iran until 8 p.m. in Washington - 3:30 a.m. in Tehran - to end its blockade of Gulf oil or see the [Read more]

U.S. strikes on Iran's Kharg Island do not represent a change in American strategy, U.S. Vice President JD Vance said on Tuesday as a U.S. official separately told Reuters the additional strikes on military targets did not impact oil infrastructure. The official, who spoke to Reuters on condition of anonymity, described at least some of the strikes as targeting sites that had been previously struck before and said the attack occurred in the early morning hours of Tuesday. Vance, speaking [Read more]