Canada is the safer oil bet: Eric Nuttall as strikes in Iran rattle global supply
BNN Bloomberg
With recent developments in the Middle East, Canada is in a unique position to step up as a stable, secure supplier of oil, says a leading expert in the oil and gas industry.
Oil prices spiked Monday due to shipping bottlenecks in the Strait of Hormuz and growing concern over how military action against Iran by the U.S. and Israel could impact global supply.
U.S. crude jumped 7.6 per cent to US$72.12 per barrel, while the global benchmark, Brent, climbed 8.6 per cent to US$79.11 in early trading.
“We have to recognize the strategic importance and the historic importance of what’s happened just in the last 24 hours,” said Eric Nuttall, senior portfolio manager at Ninepoint Partners.
Nuttall says complacency is ultimately offering an opportunity.
“We’re finding the very best opportunities remain in Canada,” he said.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
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.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.
The U.S. Trade Representative’s office said late on Thursday it had begun Section 301 unfair trade practices probes of 60 economies in relation to what it called failures to take action on forced labor.