Business
The U.S. Strike in Iran-Insecurity About Global Oil Supply Suddenly Makes Canadian Oil Attractive
From Energy Now
By Maureen McCall
The U.S. strike on three nuclear sites in Iran is expected to rattle oil prices as prices change to include a higher geopolitical risk premium.
Anticipated price rises range from a likely rise of $3-5 per barrel forecast by Reuters to predictions of a “knee-jerk” reaction price spike with Brent crude, currently at $72.40, possibly rising to $120+ in a worst-case scenario, according to JPMorgan.
Whatever the choice of action Iran will take in response- it is creating fears of reprisals striking U.S. oil infrastructure. Impacts on the Strait of Hormuz are feared as a senior Iranian lawmaker was quoted on June 19th as saying that the country could shut the Strait of Hormuz as a way of hitting back against its enemies.
In a recent interview, ExxonMobil CEO Darren Woods said there is sufficient supply in the global oil market to withstand any supply disruption to Iranian exports.
“There’s enough spare capacity in the system today to accommodate any Iranian oil that comes off the market,” Woods told Fox News “The bigger issue will be if infrastructure for exports or the shipping past the Strait of Hormuz is impacted.”
The Strait of Hormuz is considered the world’s most important oil chokepoint, according to the Energy Information Administration (EIA). Iran voted late Sunday to shut down the Strait through which about 20% of the world’s daily oil supply flows. The resulting oil supply risk leaves countries contemplating their options as they look for more long-term capacity.
We could be facing a return to the identification of “Conflict Oil”, a term Ezra Levant first coined in his book “Ethical Oil: The Case for Canada’s Oil Sands” to describe oil-producing countries with dismal human rights records, such as Iran. Conflict oil would now signify oil sourced from areas of the world subject to political conflict, instability and supply disruption. Levant used the term originally to argue that Canadian Oil Sands production should be considered a more ethical alternative to oil from countries with oppressive regimes. However, the argument could now be made that oil supply and pricing from conflict-free countries like Canada would be more reliable. Canadian oil could come into focus as conflict oil once again becomes a concern.
Katarzyna (Kasha)Piquette, CEO, of Canadian Energy Ventures (CEV), an organization formed to connect Canada’s energy with Europe’s growing needs in the face of the Russian-Ukrainian conflict, foresees dramatic changes in global energy trade.
“The consequences of the US strike on Iran are a potential game-changer, not just in terms of pricing, but in how countries think about long-term energy security,” Piquette said. “In the short term, Canada can help stabilize supply to the U.S. and Europe as geopolitical risk premiums surge. But the long-term impact may be even more profound: countries in Asia are likely to deepen ties with stable, non-Middle East suppliers like Canada. This is an opportunity to position Canadian energy as a cornerstone of energy security in a more divided world, and we must act strategically to expand our infrastructure and secure that future.”
Piquette says CEV is hearing directly from buyers in Europe and Asia, at least half a dozen countries, who are urgently looking to secure long-term contracts with reliable, conflict-free suppliers.
“Canadian oil is back in focus, and not just for ethical reasons. With the Trans Mountain expansion now operational, we can access Asian markets directly through the BC coast, while the U.S. The Gulf Coast remains a viable path to Europe. Yes, transportation adds cost—but buyers today are willing to pay a premium for stability. This is Canada’s moment, but it requires Ottawa to deliver on its promises: we need regulatory certainty, investment in infrastructure, and export capacity that matches global demand.”
Maureen McCall is an energy professional who writes on issues affecting the energy industry.
From the Daily Caller News Foundation
You’ve probably heard by now the blockbuster news that Microsoft founder Bill Gates, one of the richest people to ever walk the planet, has had a change of heart on climate change.
For several decades Gates poured billions of dollars into the climate industrial complex.
Some conservatives have sniffed that Bill Gates has shifted his position on climate change because he and Microsoft have invested heavily in energy intensive data centers.
AI and robotics will triple our electric power needs over the next 15 years. And you can’t get that from windmills.
What Bill Gates has done is courageous and praiseworthy. It’s not many people of his stature that will admit that they were wrong. Al Gore certainly hasn’t. My wife says I never do.
Although I’ve only once met Bill Gates, I’ve read his latest statements on global warming. He still endorses the need for communal action (which won’t work), but he has sensibly disassociated himself from the increasingly radical and economically destructive dictates from the green movement. For that, the left has tossed him out of their tent as a “traitor.”
I wish to highlight several critical insights that should be the starting point for constructive debate that every clear-minded thinker on either side of the issue should embrace.
(1) It’s time to put human welfare at the center of our climate policies. This includes improving agriculture and health in poor countries.
(2) Countries should be encouraged to grow their economies even if that means a reliance on fossil fuels like natural gas. Economic growth is essential to human progress.
(3) Although climate change will hurt poor people, for the vast majority of them it will not be the only or even the biggest threat to their lives and welfare. The biggest problems are poverty and disease.
I would add to these wise declarations two inconvenient truths: First: the solution to changing temperatures and weather patterns is technological progress. A far fewer percentage of people die of severe weather events today than 50 or 100 or 1,000 years ago.
Second, energy is the master resource and to deny people reliable and affordable energy is to keep them poor and vulnerable – and this is inhumane.
If Bill Gates were to start directing even a small fraction of his foundation funds to ensuring everyone on the planet has access to electric power and safe drinking water, it would do more for humanity than all of the hundreds of billions that governments and foundations have devoted to climate programs that have failed to change the globe’s temperature.
Stephen Moore is a co-founder of Unleash Prosperity and a former Trump senior economic advisor.
From the Daily Caller News Foundation
At Tesla’s Austin headquarters, investors backed Musk’s 12-step plan that ties his potential trillion-dollar payout to a series of aggressive financial and operational milestones, including raising the company’s valuation from roughly $1.4 trillion to $8.5 trillion and selling one million humanoid robots within a decade. Musk hailed the outcome as a turning point for Tesla’s future.
“What we’re about to embark upon is not merely a new chapter of the future of Tesla but a whole new book,” Musk said, as The New York Times reported.
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The decision cements investor confidence in Musk’s “moonshot” management style and reinforces the belief that Tesla’s success depends heavily on its founder and his leadership.
Tesla Annual meeting starting now
https://t.co/j1KHf3k6ch— Elon Musk (@elonmusk) November 6, 2025
“Those who claim the plan is ‘too large’ ignore the scale of ambition that has historically defined Tesla’s trajectory,” the Florida State Board of Administration said in a securities filing describing why it voted for Mr. Musk’s pay plan. “A company that went from near bankruptcy to global leadership in E.V.s and clean energy under similar frameworks has earned the right to use incentive models that reward moonshot performance.”
Investors like Ark Invest CEO Cathie Wood defended Tesla’s decision, saying the plan aligns shareholder rewards with company performance.
“I do not understand why investors are voting against Elon’s pay package when they and their clients would benefit enormously if he and his incredible team meet such high goals,” Wood wrote on X.
Norway’s sovereign wealth fund, Norges Bank Investment Management — one of Tesla’s largest shareholders — broke ranks, however, and voted against the pay plan, saying that the package was excessive.
“While we appreciate the significant value created under Mr. Musk’s visionary role, we are concerned about the total size of the award, dilution, and lack of mitigation of key person risk,” the firm said.
The vote comes months after Musk wrapped up his short-lived government role under President Donald Trump. In February, Musk and his Department of Government Efficiency (DOGE) team sparked a firestorm when they announced plans to eliminate the U.S. Agency for International Development, drawing backlash from Democrats and prompting protests targeting Musk and his companies, including Tesla.
Back in May, Musk announced that his “scheduled time” leading DOGE had ended.
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