The Daily Chase: G7 to discuss tapping oil reserves
BNN Bloomberg
Here are five things you need to know this morning.
Iran war continues to weigh on markets: The conflict in the Middle East continues to have a dramatic impact on financial markets. U.S. stock futures were down about one per cent ahead of the open. In Europe, a gauge of blue-chip stocks approached a 10 per cent drop from its February peak. The region’s bonds faced a steeper selloff than U.S. peers, with traders fully pricing in two European Central Bank interest-rate hikes and raising bets on a Bank of England move. Even gold, normally seen as a safe haven in times of turmoil, is trading lower this morning, pressured by a stronger U.S. dollar and concerns over higher interest rates.
Carney speaks with Trump: Prime Minister Mark Carney and U.S. President Donald Trump spoke yesterday afternoon, according to a statement from Carney’s office. The leaders discussed the economy, developments in the Middle East and trade relations between the two countries. Both agreed to remain in close contact.
Saudi Arabia reducing production: Saudi Arabia has started reducing oil production as the near blockage of the critical Strait of Hormuz starts filling storage tanks. The cuts by the world’s biggest oil exporter follow the United Arab Emirates, Kuwait and Iraq. Some of the countries have been turning production lower so as not to overwhelm storage too quickly and avoid a complete shutdown of output. The near standstill has clogged up exports, sending oil above one hundred dollars a barrel and risking a spike in global inflation.
Greek tanker slips through Hormuz: A ship hauling a million barrels of Saudi crude sailed through the Strait of Hormuz in recent days, one of the first big tankers to leave the Persian Gulf since traffic through the chokepoint all but halted. The Shenlong tanker, which is operated by Greece’s Dynacom Tankers Management Ltd., switched off its transponder in the Persian Gulf on March 4 while sailing toward Hormuz and began signalling near India’s coastline on Monday morning, ship-tracking data compiled by Bloomberg showed.
©2026 BellMedia All Rights Reserved
Crude oil stayed above US$100 a barrel on Monday and Gulf countries reported more attacks by Iran as the war entered its third week, while share prices were mixed.
Representatives from Beijing and Washington began their economic and trade talks in Paris on Sunday, Chinese official news agency Xinhua reported.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
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.