Here are five things you need to know this morning
Oil prices fall back after Trump comments: U.S. President Donald Trump says the U.S. and Israel are making significant progress in the war on Iran and could end the conflict “very soon,” cooling a surge in oil prices. Trump says the operation is ahead of schedule, while cautioning that fighting would still not be over this week. The two allies continued to bomb Iran overnight and into this morning, with the Islamic Republic firing drones and missiles at targets across the Middle East in return. Brent crude, having climbed to almost US$120 a barrel early Monday, eased to about $91 in Tuesday trade. That’s still more than 50 per cent higher than at the start of the year.
G7 energy ministers to meet in Paris: Meanwhile the Group of Seven energy ministers will meet in Paris today as they continue to debate a possible release of oil reserves to stabilize markets. The group said it is ready to take any steps to support the global energy supply on Monday. However, the G7 stopped short of calling for a release of stockpiles.
Air Canada rating cut: Rising energy prices have led one Bay Street analyst to cut his rating on Air Canada’s stock. Konark Gupta of Scotiabank has downgraded his rating to sector perform from outperform, highlighting “elevated uncertainty” amid rising fuel prices, and significantly reducing his 2026 estimates. The report says Air Canada valuation “remains attractive,” though Gupta has “grown more cautious due to the recent surge in fuel price, which could negatively impact margins and maintain pressure on the stock at least in the short term.” Depending on the oil price trajectory, Gupta sees potential for management to reduce or suspend guidance.
TikTok to remain in Canada: Ottawa will allow TikTok to continue operating in Canada under new, legally binding commitments to enhance its security. The social media platform will add security and privacy features to control access to Canadian user data. Tiktok has also agreed to enhance protections for minors and appoint an independent third party monitor to verify data access. Ottawa has not provided details on how the measures will work.
US$1.91 B Fairfax asset sale: Toronto-based Fairfax Financial is selling about half of its stake in Poseidon Corporation for just over US$1.9 billion. Poseidon is the holding company for Seaspan ULC, which owns shipyards and ferries in the U.S. Pacific Northwest. Fairfax says part of the stake will be acquired by two new strategic partners. Fairfax will retain a 22 per cent stake in Poseidon.
