Here are five things you need to know this morning
Oil surges on escalating Middle East conflict: The price of oil is surging, hitting its highest in four years as tanker traffic came to a stop through the Strait of Hormuz following the U.S. and Israeli attack on Iran over the weekend. Saudi Aramco has also halted operations after a drone strike in the area. The escalating conflict is threatening supplies in one of the world’s key producing regions, with the straight handling as much as 20 per cent of the world’s oil shipments. U.S. President Donald Trump has said combat operations will continue until all U.S. objectives have been met. Some experts say a halt lasting more than 25 days, could force a cut in production.
Carney, Modi pledge to boost trade: Prime Minister Mark Carney and Indian Prime Minister Narendra Modi have pledged to boost cooperation in trade and supply chains during Carney’s first official visit to India. Carney announced a $2.6 billion agreement expanding Canada’s uranium shipments to India for nuclear energy generation. The two sides also finalized the terms of reference for a trade deal. Both leaders said they expect a trade deal to double two-way trade and hailed “a new era of partnership” between the two nations. Canada and India have also agreed to cooperate in sectors including liquefied natural gas, critical minerals, solar and hydrogen.
Cameco signs uranium supply deal: Cameco Corporation is involved with the $2.6 billion uranium supply deal between Canada and India. The Canadian firm will supply 11,000 tons of the reactor fuel from 2027 through 2035. The agreement reflects a reset in bilateral ties after relations soured following Ottawa’s allegations in 2023 that agents linked to the Indian government were involved in a campaign of violence against Canadian citizens.
China lowers anti-dumping tariffs on Canadian canola: China has lowered its anti-dumping tariff rate on Canadian canola imports. The tariff was lowered to 5.9 per cent from the previous 76 per cent. The move comes after the Chinese government dropped the original tariffs on Canadian canola products. Beijing says an investigation found that shipments were being dumped, causing material injury to the domestic industry. The levies will be in place for five years.
Hudbay Minerals to acquire Arizona Sonoran: Toronto‑based mining company Hudbay Minerals has signed a deal to acquire Arizona Sonoran copper. The all‑stock transaction is valued at just under US$1.5 billion, and will see Hudbay pay around C$9.35 per share. Hudbay already owns a nearly 10% stake in the copper mining company, and says the deal brings its Cactus project together with its existing Arizona business, including its Copper World project. The deal is expected to be completed in the second quarter.
