Canadian Industry - The Globe and Mail

In the Iran war, good news is bad news for oil, Canada and our future

The longer the conflict continues, the more it’s looking like an act of economic self-harm by the U.S., and Canadians will be collateral damage

With the CN Tower in the background gas prices are displayed at a Toronto gas station on Thursday March 5, 2026. THE CANADIAN PRESS/Frank Gunn

With the CN Tower in the background gas prices are displayed at a Toronto gas station on Thursday March 5, 2026. THE CANADIAN PRESS/Frank Gunn

John Rapley

4 min read

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With the CN Tower in the background gas prices are displayed at a Toronto gas station on Thursday March 5, 2026. THE CANADIAN PRESS/Frank Gunn

With the CN Tower in the background gas prices are displayed at a Toronto gas station on Thursday March 5, 2026. THE CANADIAN PRESS/Frank Gunn

opinion

In the Iran war, good news is bad news for oil, Canada and our future

John Rapley

4 min read

March 6, 2026

QATAR - MARCH 4: Qatar Energy's operating facilities in Mesaieed Industrial City, south of Doha, Qatar. Qatar Energy announced a complete shutdown of liquefied natural gas (LNG) production this week, following Iranian attacks targeting energy installations. (Photo by Getty Images)

QATAR - MARCH 4: Qatar Energy's operating facilities in Mesaieed Industrial City, south of Doha, Qatar. Qatar Energy announced a complete shutdown of liquefied natural gas (LNG) production this week, following Iranian attacks targeting energy installations. (Photo by Getty Images)

Oil prices spike after Qatari minister warns Gulf output will be shut down ‘within days’

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The sun sets behind a plume of smoke rising from a U.S.–Israeli military strike in Tehran, Iran, Tuesday, March 3, 2026. (AP Photo/Vahid Salemi)

The sun sets behind a plume of smoke rising from a U.S.–Israeli military strike in Tehran, Iran, Tuesday, March 3, 2026. (AP Photo/Vahid Salemi)

opinion

Iran strike may be the first AI war, and it won’t be the last

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FILE PHOTO: Pipelines at Canadian Natural Resources Limited's (CNRL) Primrose Lake oil sands project are seen near Cold Lake, Alberta August 8, 2013. Picture taken August 8, 2013. REUTERS/Dan Riedlhuber/File Photo

FILE PHOTO: Pipelines at Canadian Natural Resources Limited's (CNRL) Primrose Lake oil sands project are seen near Cold Lake, Alberta August 8, 2013. Picture taken August 8, 2013. REUTERS/Dan Riedlhuber/File Photo

Canadian Natural to defer oil sands mine expansion, citing uncertainty on environmental policy

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March 4, 2026

FILE PHOTO: FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo/File Photo

FILE PHOTO: FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo/File Photo

How the closing of the Strait of Hormuz is affecting global oil markets

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March 4, 2026

Joanne Thompson, federal minister of fisheries speaks during a news conference on the Bay du Nord project in St. John's, N.L., on Tuesday, March 3, 2026. THE CANADIAN PRESS/Paul Daly

Joanne Thompson, federal minister of fisheries speaks during a news conference on the Bay du Nord project in St. John's, N.L., on Tuesday, March 3, 2026. THE CANADIAN PRESS/Paul Daly

Ottawa agrees to cover UN fees for Bay du Nord oil project that could reach $1-billion

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Capital Power's Genesee Generating Station near Warburg, Alta., is shown in this undated handout photo. THE CANADIAN PRESS/Handout - Capital Power (Mandatory Credit)

Capital Power's Genesee Generating Station near Warburg, Alta., is shown in this undated handout photo. THE CANADIAN PRESS/Handout - Capital Power (Mandatory Credit)

Capital Power CEO says Alberta primed to attract partners to power data centres

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Defence Minister David McGuinty talks with Prime Minister Mark Carney as they walk to a news conference in Sydney, Australia, Wednesday, March 4, 2026 in Sydney. THE CANADIAN PRESS/Adrian Wyld

Defence Minister David McGuinty talks with Prime Minister Mark Carney as they walk to a news conference in Sydney, Australia, Wednesday, March 4, 2026 in Sydney. THE CANADIAN PRESS/Adrian Wyld

opinion

When Canada and Australia team up, nobody can stop us

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March 4, 2026

Bank towers are seen from Bay Street in Toronto's financial district on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan

Bank towers are seen from Bay Street in Toronto's financial district on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan

SSR Mining to sell stake in Turkey’s Copler mine for $1.5-billion

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FILE - Japanese Prime Minister Sanae Takaichi, with President Donald Trump, reacts as she was speaking to members of the military aboard the USS George Washington, an aircraft carrier docked at an American naval base, in Yokosuka, on Oct. 28, 2025. (AP Photo/Mark Schiefelbein, File)

FILE - Japanese Prime Minister Sanae Takaichi, with President Donald Trump, reacts as she was speaking to members of the military aboard the USS George Washington, an aircraft carrier docked at an American naval base, in Yokosuka, on Oct. 28, 2025. (AP Photo/Mark Schiefelbein, File)

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FILE PHOTO: Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. REUTERS/Amr Alfiky/File Photo

FILE PHOTO: Tankers are seen off the coast of the Fujairah, as Iran vows to close the Strait of Hormuz, amid the U.S.-Israel conflict with Iran, in Fujairah, United Arab Emirates, March 3, 2026. REUTERS/Amr Alfiky/File Photo

Markets calmer after Trump vows to protect oil and gas ships at the Hormuz chokepoint

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The Port of Churchill on the shore of Hudson Bay in Churchill, Manitoba on January 14, 2026.

The Port of Churchill on the shore of Hudson Bay in Churchill, Manitoba on January 14, 2026.

Churchill port signs development and trade partnership with massive Belgian terminal

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The Kamloops Pulp Mill, which has been in operations for more than 50 years, was acquired by Kruger Inc. in 2022. It will soon test using green hydrogen in part of the pulp-and-paper-making process.

The Kamloops Pulp Mill, which has been in operations for more than 50 years, was acquired by Kruger Inc. in 2022. It will soon test using green hydrogen in part of the pulp-and-paper-making process.

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Prime Minister Mark Carney participates in a meeting with the India-Canada CEO Forum in New Delhi, India on Monday, March 2, 2026. THE CANADIAN PRESS/Adrian Wyld

Prime Minister Mark Carney participates in a meeting with the India-Canada CEO Forum in New Delhi, India on Monday, March 2, 2026. THE CANADIAN PRESS/Adrian Wyld

opinion

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FILE PHOTO: QatarEnergy's liquefied natural gas (LNG) production facilities, amid the U.S.-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. REUTERS/Stringer/File Photo

FILE PHOTO: QatarEnergy's liquefied natural gas (LNG) production facilities, amid the U.S.-Israeli conflict with Iran, in Ras Laffan Industrial City, Qatar March 2, 2026. REUTERS/Stringer/File Photo

Energy prices climb, and stock and bond markets fall, as investors fear drawn-out Iran war

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A staff works at a Hindustan Petroleum fuel station in Bengaluru, India, October 30, 2025. REUTERS/Priyanshu Singh

A staff works at a Hindustan Petroleum fuel station in Bengaluru, India, October 30, 2025. REUTERS/Priyanshu Singh

opinion

India has an oil problem. The Iran war makes it worse. Canada is the solution

Gupreet Lail and Kevin Krausert

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Concert promoter Live Nation owns the Ticketmaster platform as well as live music venues across North America.

Concert promoter Live Nation owns the Ticketmaster platform as well as live music venues across North America.

explainer

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Prime Minister Mark Carney holds up a model submarine he was presented with as he tours Thyssenkrupp Marine Systems (TKMS), a submarine building facility in Kiel, Germany on Tuesday, Aug. 26, 2025. THE CANADIAN PRESS/Christinne Muschi

Prime Minister Mark Carney holds up a model submarine he was presented with as he tours Thyssenkrupp Marine Systems (TKMS), a submarine building facility in Kiel, Germany on Tuesday, Aug. 26, 2025. THE CANADIAN PRESS/Christinne Muschi

opinion

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Hudbay Minerals said on Wednesday Mitsubishi Corp will buy a 30% stake in its Copper World project in Arizona for $600-million, boosting financing and strategic backing for the U.S. copper mine.

Hudbay Minerals said on Wednesday Mitsubishi Corp will buy a 30% stake in its Copper World project in Arizona for $600-million, boosting financing and strategic backing for the U.S. copper mine.

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FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo

FILE PHOTO: Oil tankers pass through the Strait of Hormuz, December 21, 2018. REUTERS/Hamad I Mohammed/File Photo

Oil and gas leap and stocks slump as war in Iran intensifies

3 min read