North America

Donald Trump stated that the United States would escort vessels through the Strait of Hormuz, if necessary. He also said in an interview with Fox News that was aired Friday that they were going to strike Iran "very heavily" over the coming week. When asked about helping oil tanks pass through the key shipping strait in question, Trump replied: "We'd do it if we needed to." You?know, I hope that everything goes well. We're going see what happens." He did not give any other details. He said in an interview with Fox's Brian Kilmeade, which aired a part of the...

Gene Seroka, the executive director of the Los Angeles container port, said that it was largely insulated from disruptions in supply chains caused by U.S. and Israeli attacks against Iran. These attacks have escalated into a conflict within the region. The Iran War has caused container shipping to be snarled in the Middle East. It has increased costs, left ships and their cargoes stranded, and posed fuel shortages. Seroka stated that "we, right now, do not see any congestion occurring" on the lucrative Transpacific Ocean Trade that is the lifeblood of Port Los Angeles. China and Asia are important trading...

Senate Democrats' bid to fund the Transportation Security Administration failed?on Friday as Republicans demanded that lawmakers approve funding for?the entire?Homeland Security Department. Later on Thursday, the Senate will vote on a Republican plan to fund Homeland Security. This proposal is expected to fail just like previous attempts after Republican Senator Bernie Moreno reacted against a Democratic proposal that would fund TSA separately. The absence of TSA officers at airports has already caused travel disruptions in some major?airports during the past week. This alarms airlines due to the busy travel season for spring break. Both sides blame each other for the...

John Healey, the UK's defence minister, said on Thursday that the UK is looking at additional options to deploy?to Gulf following the increase in attacks by Iran on vessels. He also noted that the UK already has autonomous mine-hunting systems in the area. Royal Navy (RN), said last week that its last minehunter HMS Middleton was based out of Bahrain and had returned to Britain in March?1. The vessel was over 40 years old and was "no longer certified for sailing", it stated. Healey stated that "we already have some autonomous mine hunting systems in the area." Healey said that...

A review of tanker tracking data revealed that Iranian crude oil continued to flow at a near normal pace through the Strait of Hormuz, even though?attacks on ships by the government of Iran in the narrow waterway?have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported 13.7 million barrels since Israel and the U.S. attacked the country on 28 February. Kpler, a vessel tracking service, estimated Iranian exports for the first 11 days...

U.S. Energy Secretary Chris Wright stated on Thursday that global oil prices are unlikely to reach $200 per barrel, even though?crude?tankers remain stalled in Strait of Hormuz while the U.S.-Israeli war against Iran has widened. Wright said that he thought it unlikely but was focused on the military operations and the solution of the problem when asked if oil prices would hit $200 per barrel. This is a price level which could be reached if the war escalates, according to an Iranian official on Wednesday. The spokesperson for Tehran's Khatam al-Anbiya Military Command HQ, Ebrahim Zolfaqari said, "Get ready for...

A review of tanker-tracking data revealed that Iranian crude oil has 'continued to flow through Strait of Hormuz with a near-normal rate, even though attacks by Tehran on ships in this narrow strait have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported about?13.7 millions barrels of crude since Israel and the U.S. attacked the country on 28 February. Kpler, a vessel tracking service, estimated Iranian exports for the first 11 of March...

The National Transportation Safety Board (NTSB) will hold an?hearing on March 31 to determine the probable causes of two fatal accidents involving Ford Motors'?hands free advanced driver assistance?system BlueCruise. In both crashes, 2024, Ford Mustang Mach-Es of the 2022 model year were operating in partial automation mode. The Ford SUVs hit stationary vehicles in San Antonio and Philadelphia at highway speeds. The crashes raise serious concerns about the limitations of the current system. The NTSB will vote on "safety suggestions designed to prevent future crashes." Both the National Highway Traffic Safety Administration and the National Traffic Safety Board have been...

The Trump administration reinstated on Wednesday the 'Global Entry program, which expedites U.S. Customs and Immigration clearance for pre-approved low-risk travellers entering the United States. On February 22, the Department of Homeland Security suspended the program, but retracted its original plan to suspend the Transportation Security Administration PreCheck program. The DHS stated that the action was needed to "preserve funds and personnel limited" during a partial government shut down. The DHS announced that Global Entry was reactivated at 5 am ET. The government stated that it was working to reduce the inconvenience caused to travelers by the Democrats' shutdown, but...

Investors remained cautious about inflation and growth risk stemming from the U.S./Israeli war on?Iran. According to the Pentagon and Iranian sources, the U.S. launched the most intense airstrikes in the war. Global markets were still betting that Donald Trump would try to end the conflict soon. The Strait of Hormuz has been effectively closed by the war. It is a major route used for approximately one-fifth of all global oil and gas shipments. Producers have had to stop production as their storage tanks fill up, and energy prices are now higher. Dubai's main stock index fell 2.4%. Blue-chip developer Emaar...

The Trump administration reinstated the Global Entry program on Wednesday, which speeds up?U.S. A U.S. travel organization said that pre-approved low-risk travellers entering the United States would be granted a streamlined customs and immigration clearance. Department of Homeland Security suspended the PreCheck program on February 22. However, it reversed its original?plan of suspending the Transportation Security Administration PreCheck program. The DHS stated that the move was necessary to "preserve funds and personnel during a partial shutdown". The Trump administration was urged by airlines and travel groups to restart the program. Travelers?entering?the United States have faced a wait of up to...

On Wednesday, two drones were spotted near the main airport in Dubai and Bahrain evacuated some planes as attacks on infrastructure in the Gulf continued disrupting air traffic. The war against Iran is now entering its 12th day. U.S. and Israel's war on Iran has resulted in tens or thousands of cancellations, reroutings, and schedule changes around the world. This has shut down much of Middle?East airspace, including Qatar, due to drone and missile threats. The aviation industry is in its worst crisis since the pandemic. Dubai International Airport (DXB), which is the busiest hub of global passengers, along with...

The futures linked to Canada's major stock index were muted Friday. The main cash index is on course for a second consecutive weekly decline, as investors remain on edge due to rising crude oil prices and inflation fears. As of 6:36 a.m., March futures for the S&P/TSX Composite Index edged up 0.07%. ET, whereas futures for Wall Street’s main indexes are mixed. Donald Trump called Iran's leaders "deranged scumbags", as the Middle East war approached its two-week mark on Friday. Mojtaba Khamenei, the new Iranian Supreme leader, pledged on Thursday to block?the Strait of Hormuz. Brent crude futures in May...

The?U.S. Energy Information Administration?said in an?analysis?on Thursday that the U.S. fossil-fuel production could increase over the next two years, as the surge of electricity consumption from data centers tightens the power supply. Energy Information Administration (EIA)?released an?analysis? on Thursday. The EIA reported that the U.S. demand for electricity has grown at an annual pace of 1.7%, after more than a decade with a flat growth. This is mainly due to the expansion of large-scale computer facilities. The agency's February Short-Term Energy Outlook (STEO) predicts that the nation's electricity load will grow by 1.9% - in 2026, and 2.5% - in...

The U.S. Department?of Energy will invest $1.9 billion in order to 'accelerate upgrades' of the?power grids?in?the?country, said it on Thursday. The U.S. is expected to see a sharp increase in power consumption this year and next. This will be due to the rapid growth of AI and cryptocurrency data centers, as well as increased electrification for heating and transportation. This demand, however, has led to higher electricity prices for a large part of the country. The DOE said that the funds would be used for preparing for an increase in demand as well as to lower the electricity costs of...

Rafael Pirro said that the 'Panama Canal Authority' expects to award contracts by June 2027 for two new gas pipelines and ports. The two port terminals - one in the Atlantic and the other in the Pacific - are expected to be operational around 2030. They represent an investment of $2.6 billion. Gas pipeline with an investment between $4 and $8 billion is expected to be in operation around 2031. It will have a capacity to transfer up to 397,500 cubic metres of gas per day. Pirro stated that the Canal Authority intends to start a 'dialogue with interested party?...

U.S. spot gas prices for the Waha Hub on Thursday Permian production in West Texas has been in decline for the 25th consecutive day as a result of pipeline restrictions. This is causing some analysts to predict a reduction in gas production in the near future. Energy firms are likely to boost Permian production in the long-term as more gas pipelines enter service, as rising oil prices due to the Iran War encourage oil and gas production. Analysts have said for years that negative prices, where some energy companies are forced to pay other firms to take the?gas produced by...

Two industry sources said that oil output at Kazakhstan's biggest Tengiz Field rose to 810,000 barrels of oil on March 11 but only averaged 495,000 barrels per day (bpd), lagging behind the capacity goal. Sources claim that the average production in Tengiz between March 1-10 was 16 % lower than it was in February when output was around 590 000 bpd. Tengizchevroil, a U.S. Chevron company that operates in Tengiz, is now restoring production after a January 18 emergency shutdown caused by an fire. The main export route, the Caspian Pipeline Consortium system (CPC), is constrained by adverse weather conditions...

Hayan Abdel-Ghani, the Oil Minister, was quoted on Thursday as saying that Iraq would keep crude 'oil' production at 1.4 million barrels a day. This is less than a third of the level before the U.S.-Israeli war with Iran. According to state news agency, according to the minister, 200,000 bpd are being transported via truck through Turkey Syria and Jordan, and that Iraq has implemented a plan to deal with the current disruptions. Sources told?that oil production in Iraq's southern oilfields has dropped 70%, to just 1.3m bpd. This is because the country cannot export via the Gulf due to...

The futures linked to Canada's major stock index fell on Thursday as signs of Middle East tensions shook risk sentiment. Crude prices also rose, adding to inflation concerns. As of 7:01 a.m., March 'futures' on the TSX composite index slid 0.1%. ET, and futures for Wall Street’s main indexes fell as well. Crude prices soared after Iran intensified its attacks on oil and transportation facilities in the Middle East. This fueled fears of a prolonged conflict that would worsen inflation. Meanwhile, oil flow through the Strait of Hormuz was still obstructed. Oil prices have surged, causing risk assets to fall...

Two sources familiar with the issue said that Iran had deployed about a dozen mines in the Strait of Hormuz. This move was 'likely' to complicate the reopening of this narrow waterway. It is an important route for shipping liquefied gas and oil. The 'war' launched by Israel and the United States 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the Iranian coast, which is helping to?drive up world energy prices. Iran's military leadership said on Wednesday that the world should prepare for oil prices to reach $200 per barrel. According...

Tim Hodgson, Minister of Natural Resources, said that Canada would look for ways to boost its crude production in order to stabilize oil prices globally as a result of the Iran War. Hodgson, a reporter in Ottawa, said that the Canadian government has been talking to oil producers in Canada about delaying planned maintenance at oil sands plants in order to temporarily boost output. The Canadian government is also urging refineries in Canada that use imported oil to switch to domestic oil in order to increase supply to other regions. The International Energy Agency agreed on Wednesday to release 400,000,000...

Two sources with knowledge of the matter have confirmed that Iran has placed about 12 mines along the Strait of Hormuz. This move is likely to impede the reopening of the narrow waterway, which is an important route for the shipping of oil and LNG. The war that was launched by the United States and Israel 12 days ago has effectively halted the exports of LNG and oil through the strategic chokepoint on the coast of Iran, which is helping to push up the world's energy prices. Iran's military leadership said on Wednesday that the world must be ready for...

Investors awaited key U.S. data on inflation due later in the day, as they viewed the latest developments of the Iran War. As of 6:35 a.m., March futures for the?S&P/TSX 'composite index' had fallen 0.21%. ET, and futures for Wall Street’s main indexes fell as well. After the U.S., Israel and Iran exchanged airstrikes across the Middle East?as crucial shipping lanes through Strait of Hormuz were blocked?fears of a long-term conflict continued to grow. Toronto's benchmark indice?closed level on Tuesday. It is down over 3% from the levels before the conflict with Iran began. Consumer prices in the U.S. are...