By Glen Hallick
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Iran struck a Kuwaiti oil tanker off the coast of Dubai with a drone on Wednesday. Dubai officials said the Al-Salmi was on fire, but the crew was safe and no oil was spilled into the Persian Gulf. Since the start of the Middle East war, scores of tankers and other cargo vessels remain held up in the Strait of Hormuz. About 20 per cent of the world’s oil supply comes through the narrow strait.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada…
- United States President Donald Trump lashed out on Tuesday at countries whose oil supply is dependent on the Strait of Hormuz. On Truth Social, Trump stated “go get your own oil,” directing his comments at the United Kingdom and other countries unwilling to assist the U.S. in its month-old war against Iran. The Trump administration failed to consult many of its allies before striking at Iran.
- Statistics Canada reported on Tuesday that the country’s gross domestic product nudged up 0.1 per cent in January. StatCan said oil and gas extraction rose 1.6 per cent growth that month, but the manufacturing sector contracted by 1.4 per cent. The services industries were largely unchanged in January. The data agency projected 0.2 per cent economic growth for February.
- StatCan also reported that 951,353 tonnes of canola were crushed in February, up from 882,610 the previous February. The agency also said all grain deliveries last month came to 5.38 million tonnes versus 4.66 million a year ago. Canola deliveries were stronger at 2.02 million tonnes, up from 1.61 million the same month last year.
- Fires at Russian oil facilities on the Baltic Sea continued to burn on Tuesday. Last week, Ukraine launched drone attacks on the facility, setting them ablaze and they were attacked again Monday night. More than 40 per cent of Russia’s seaborne oil exports pass through the Ust-Luga and Primorsk sites.
