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Written by Hanna Lee Copy Editor, Digital News
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Good morning. Canadian politicians are seeing an opportunity in the sudden gap in oil supply that the growing Iran war has caused. We'll look into that below, as well as what's at stake as Canada-U.S. trade talks restart, and how Google tipped off authorities to illegal images allegedly in a Canadian doctor's account.
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Smoke rises following an Israeli airstrike in Dahiyeh, Beirut's southern suburbs, in Beirut, Lebanon, Friday. (Hussein Malla/The Associated Press)
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Israel bombards Tehran and Beirut suburbs as it and U.S. vow to move to 'next phase' of Iran war
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Israel carried out airstrikes in Tehran and on the Hezbollah-controlled southern suburbs of Beirut overnight into Friday after ordering its residents to leave, while the Iran-backed group warned Israelis to leave towns and villages at the frontier.
What's happening: Iran continued countering the military campaign with attacks on Israel, U.S. bases and nearby nations. America's top military commander in the Middle East says the U.S. operation is entering its "next phase" and will focus on taking out Iran's missile capabilities. U.S. Secretary of War Pete Hegseth denied the mission is sowing chaos in the region.
Canada's foreign affairs minister is also set to brief Liberal MPs on Friday about the government's position on the war, after some both privately and publicly raised concerns about the prime minister's initial statement regarding the U.S.-Israeli strikes, CBC News has learned.
– This section compiled by Andrew Davidson |
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FEATURED STORIES
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(Jonathan Hayward/The Canadian Press)
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With crucial oil artery blocked near Iran, can Canada fill a gap in global supply?
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Canada's energy sector could see a jump in demand as the war in Iran continues.
What's happening: Energy prices have soared since the war began on Saturday, while Iran has warned tankers not to pass through the Strait of Hormuz, a crucial oil artery. But Canadian oil and gas doesn't pass through the Middle East, has stronger environmental regulations than many other producers and is closer to Europe. Energy Minister Tim Hodgson has been busy promoting this country as a stable alternative for those looking for oil.
Why it matters: The question is whether we have the capacity to meet global demand. The war is leaving a void of 20 million barrels a day, which Canada would need long-term infrastructure buildouts to fulfil. That also means Russia could re-emerge as a dark horse supplier, despite the European Union having abandoned its exports in response to the invasion of Ukraine. The country's oil exports have strengthened, from under $40 US a barrel to about $62 US, due to fears of a Gulf region conflict. With its crude oil selling at a higher benchmark than it initially forecast, it's now more profitable for Russia, while still being relatively affordable for customers.
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Trump's goal: U.S. President Donald Trump hasn't explicitly named regime change as an objective of his operation in Iran. But he has said he must be involved in the appointment of its next leader. It's hard to see how he'll persuade Americans that he won the war if a hardline Islamic regime stays in place there, writes my colleague Mike Crawley.
Other news out of Iran: The U.S. and Israel have pummelled the country with strikes, killing at least 1,230 people. The Israeli military launched dozens of strikes in southern Lebanon, calling for residents of Beirut's southern suburbs to evacuate. At least 38,000 people from Lebanon have crossed into Syria, the UN refugee agency said, while another 84,000 are internally displaced. About 100,000 are displaced in Iran.
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Canada-U.S. trade talks are restarting. Here's what's at stake
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Canada-U.S. Trade Minister Dominic LeBlanc is meeting U.S. Trade Representative Jamieson Greer today, for the first time since trade talks were called off in the fall.
What's happening: It's a pivotal moment for trade between the two countries, with the Canada-U.S.-Mexico Agreement (CUSMA) up for renegotiation, and as Trump's punishing tariffs continue hitting Canadian industries. That means Canada will include in the talks an effort to get rid of those sectoral tariffs — giving the U.S. leverage for many changes it wants to the trade deal. Those include more access to the Canadian dairy market and an end to rules forcing U.S. platforms to run Canadian content and fund domestic production.
What's at stake: Trump has made several threats, including to impose new tariffs replacing those that were struck down by the U.S. Supreme Court, breaking CUSMA up into separate deals with Canada and Mexico or ending the agreement entirely. Greer has previously said that tariffs will be part of any deal. In spite of all that, the fact that Greer and LeBlanc are meeting in person is a good sign, said Eric Miller, a Canada-U.S. trade expert. It also means the U.S. will need to start giving some specifics on what it wants from CUSMA talks, which puts Canada in a better position to respond.
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