Varcoe: Energy talks at G7 summit under shadow of Middle East conflict as oil prices 'to spike higher'
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Analysts anticipate prices will climb higher in the coming days.
'I do expect prices to spike higher again . . . High $70s, low $80s for Brent (crude) is back in play,' commodity economist Rory Johnston, founder of the Commodity Context newsletter, said Sunday.
'This is the latest in a series of previously unthinkable developments that have eroded energy security across the board.'
Building energy security is one of the key themes Prime Minister Mark Carney, as G7 host, has set on the summit's agenda, although it's been a perennial issue discussed by the group over five decades of annual meetings.
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37 minutes ago
As Iran launches new wave of deadly missile attacks, Israel says it has 'supremacy' in Tehran's airspace
Iran fired a new wave of missiles at Israel early on Monday, killing at least eight people, while Israel warned hundreds of thousands of people in the middle of Tehran to evacuate ahead of new strikes. The warning came on the fourth day of the conflict, when the Israeli military claimed it had achieved air superiority above the Iranian capital and could fly over the city without facing major threats. The warning affected up to 330,000 people in a part of central Tehran that includes the country's state TV and police headquarters, as well as three large hospitals, including one owned by Iran's paramilitary Revolutionary Guard. At this time, we can say that we have achieved full air supremacy in the Tehran airspace, said military spokesperson Brig.-Gen. Effie Defrin. The military said it had destroyed more than 120 surface-to-surface missile launchers in central Iran, one-third of Iran's total. The Israeli military also said fighter jets had struck 10 command centres in Tehran belonging to Iran's Quds Force, an elite arm of its Revolutionary Guard that conducts military and intelligence operations outside Iran. WATCH | Netanyahu dismisses report involving White House, Ayatollah: Début du widget Widget. Passer le widget ? Fin du widget Widget. Retourner au début du widget ? Israel, Iran carry out new airstrikes on 4th day of conflict Iran fired a new wave of missile attacks on Israel early Monday, killing at least five people, while the Israeli military claims its warplanes now control skies from western Iran to Tehran. The Israeli strikes amount to a deep and comprehensive blow to the Iranian threat, Defrin said. So far, 24 people have been killed in Israel and more than 500 injured, Israeli officials said, after Iran launched more than 370 missiles and hundreds of drones. Meanwhile, Iran announced it had launched some 100 missiles and vowed further retaliation for Israel's sweeping attacks on its military and nuclear infrastructure, which have killed at least 224 people in the country since last Friday. Israel-Iran conflict escalates, will be high on G7 agenda (new window) The Washington-based Iranian advocacy group called Human Rights Activists believes the government's death toll is a significant undercount, saying it has tallied more than 400 people killed so far, among them 197 civilians. The Revolutionary Guard struck a hard line on Monday, vowing that further rounds of strikes would be more forceful, severe, precise and destructive than previous ones. World leaders have called on the two sides to exercise restraint, and the escalation in attacks is set to become a pressing topic as G7 leaders meet in Alberta (new window) over the next two days. Explosions rock Tel Aviv and Petah Tikva Powerful explosions, likely from Israel's defence systems intercepting Iranian missiles, rocked Tel Aviv shortly before dawn on Monday, sending plumes of black smoke into the sky over the coastal city. Authorities in the central Israeli city of Petah Tikva said that Iranian missiles had hit a residential building there, charring concrete walls, shattering windows and ripping the walls off multiple apartments. The Israeli Magen David Adom (MDA) emergency service reported that two women and two men — all in their 70s — and one other person were killed in the wave of missile attacks that struck four sites in central Israel. Petah Tikva resident Yoram Suki rushed with his family to a shelter after hearing an air raid alert, emerging after it was over to find his apartment destroyed. Despite losing his home, he urged Israeli Prime Minister Benjamin Netanyahu to keep up the attacks on Iran. It's totally worth it, he said. This is for the sake of our children and grandchildren. Concerns about radiation, gas leaks The latest conflict began when Israel launched an assault on Iran's top military leaders, uranium enrichment sites and nuclear scientists, which it said was necessary to prevent its longtime adversary from getting any closer to building an atomic weapon. Iran has always insisted its nuclear program is peaceful, and the U.S. and others have assessed that Tehran has not pursued a nuclear weapon since 2003. But Iran has enriched ever-larger stockpiles of uranium to near weapons-grade levels in recent years and was believed to have the capacity to develop multiple weapons within months if it chose to do so. Rafael Grossi, the head of the International Atomic Energy Agency, said on Monday there is a possibility of both radiological and chemical contamination within Iran's main nuclear enrichment facility in Natanz following Israeli strikes, although radiation levels outside the complex are currently normal. Grossi made the comments at an urgent session of the UN nuclear watchdog board in Vienna convened at the request of Russia. He said there apparently was no additional damage at Natanz and the Isfahan nuclear research site since Saturday. He said that the main concern inside the Natanz facility is the chemical toxicity of a gas called uranium hexafluoride, which is the result of fluorine mixed with the uranium during enrichment. It is extremely volatile, will quickly corrode, can burn the skin and is especially deadly if inhaled, experts say. Amid these challenging and complex circumstances, it is crucial that the IAEA receives timely and regular technical information about the facilities and their respective sites, Grossi said, adding that UN inspectors will remain present in Iran and inspect the nuclear facilities as soon as safety conditions allow. Some Iranians flee to Turkey Meanwhile, Turkey has expressed deep concern over the escalating armed conflict. It shares a 569-kilometre-long border with Iran and allows Iranians to enter the country without a visa for tourism purposes and stay for up to 90 days. Hopefully, it is over in one or two months so we can return to our country, said Shirin Talebi, who had just arrived at the Gurbulak-Bazargan border crossing from the Iranian city of Urmia with her children and grandchildren. There are fears in Turkey that a prolonged conflict could threaten its own security, cause energy disruptions and lead to refugee flows, though the communications office for President Tayyip Recep Erdogan said there was no unusual movement, congestion or irregular crossing at the main border entry points. At Gurbulak, one of the busiest crossings between Turkey and Iran, bus driver Ferit Aktas had just brought a group of Iranians to the border gate from Istanbul and was waiting to pick up others. About a week or 10 days ago, there would be between three and five people who would come for shopping or tourism. But now, I can say, that there are at least 30 Iranians in my vehicle per day, he said. The Associated Press
CBC
an hour ago
- CBC
May calls out Carney's sprint to push major projects bill through Commons
Green Party Leader Elizabeth May said the drive by Prime Minister Mark Carney's government to rush its major projects bill through Parliament this week represents a "new low" in government contempt for Parliament. Speaking at a news conference Monday morning, May said she hasn't seen anything like it since the Conservative government under Stephen Harper pushed an omnibus bill through more than a decade ago. May said she was "shocked when Stephen Harper in spring of 2012 brought in an omnibus bill, Bill C-38, that was 400 pages long and destroyed 70 environmental laws, and it was fast-tracked." "This is worse," she said. "It appears to me — and it remains to be seen — that Mr. Carney's new majority coalition is Liberal-Conservative, delivering [Conservative Leader] Pierre Poilievre's policies with a more friendly face." May made her comments at a news conference outside the House of Commons foyer Monday morning alongside First Nations leaders, NDP MP Gord Johns and lawyers from environmental groups — all of whom raised concerns about the legislation and the pace at which it's sprinting through the Commons. WATCH | Sen. Prosper says Bill C-5 is moving too quickly: Senator says he'll introduce amendment to delay Bill C-5 1 hour ago Duration 1:14 Sen. Paul Prosper says he'll be putting forth an amendment to delay half of the One Canadian Economy Act. Prosper says the bill is moving too quickly through Parliament and is concerned about the level of consultation provided for major projects. The Liberals passed a closure motion Monday morning to speed through study and debate of Bill C-5 by week's end — but not before multiple opposition MPs excoriated the government during debate for moving so fast. Government House leader Steven MacKinnon defended the bill's timeline, arguing that the government has public buy-in since the bill delivers on major campaign promises from the recent election. "We just had the ultimate democratic test, and you know what we heard?" he said. "Get this country moving. We need a response to the threats coming from down south." The bill is now set for an unusually fast one-day study by the House transport committee Wednesday afternoon and evening. The government expects to pass the bill by the end of Friday. At the news conference, Sen. Paul Prosper said he plans to try to slow down the bill in the Senate with an amendment. He warned that if the bill is not carefully reviewed, it will quickly lead to litigation. The legislation would give the federal cabinet the ability to set aside various statutes to push forward approvals for a small number of major industrial products, such as mines, pipelines and ports, if the government deems them to be in the national interest. It aims to speed up the approval process for major projects so that cabinet can render a decision in two years at the most. Critics question bill's constitutionality Some critics warn the proposed law would allow Ottawa to flout its constitutional duty to consult with First Nations under Section 35 of the Constitution. But some constitutional experts told The Canadian Press that the legislation's most far-reaching provisions — the ones that would allow the executive branch to skirt laws to push forward big projects — are likely to survive a court challenge. Paul Daly, chair in administrative law and governance at University of Ottawa, said that while the provisions giving the executive more power are controversial, they're likely constitutional. "It is unlikely that a court would invalidate this as violating the Constitution," he said. Sections 21 to 23 of the bill allow the executive branch to bypass existing rules and processes in 13 laws — including the Canadian Environmental Protection Act, the Indian Act and the Impact Assessment Law — through a regulatory process that does not need to be approved by Parliament. These sections are what's known in the legal community as " Henry VIII clauses" — a reference to a king who preferred to govern by decree rather than through Parliament. Courts haven't found these to be constitutionally invalid, Daly said, adding there are guardrails in the legislation and Charter rights will continue to apply. "It's similar in character to the carbon tax legislation from a few years ago, where the Supreme Court said the Henry VIII clause was constitutionally valid. And I suspect that a court, if this statute were challenged, would come to the same conclusion," Daly said. But Anna Johnston, a staff lawyer at West Coast Environmental Law, said sections 22 and 23 are "very worrisome" because they could allow the federal cabinet to exempt a pipeline or some other project from the Species at Risk Act. She said the bill overall gives the federal government too much leeway on the Crown's duty to consult with Indigenous people on decisions that affect them. "If I were Canada's lawyers, I would have advised them strenuously against this bill," she told The Canadian Press. "That consultation has to be meaningful and I worry that, especially under the timelines that this government wants to make these decisions, that this bill is basically circumventing the government's constitutionally required duty to consult." Carney said in June that it takes too long to push major new projects through "arduous" approval processes and that in "recent decades, it has become too difficult to build new projects in this country." Bloc Québécois Leader Yves-François Blanchet has warned that the legislation must be studied thoroughly since it can suspend various laws and regulations relating to language, First Nations rights, the environment and threatened species. "The government seems to want to avoid scrutiny on the bill, which by itself is worrisome," he told reporters in English on Friday. NDP MPs Leah Gazan, Alexandre Boulerice and Lori Idlout wrote to MacKinnon last week to formally request that the bill's study be slowed down to provide for more debate in the House. The federal Conservatives have claimed the bill does not go far enough and want to see the Impact Assessment Act repealed.
Toronto Sun
an hour ago
- Toronto Sun
LILLEY: Carney kneels before Trump and worships in Kananaskis
Carney slavish in praise of Trump, silent as Trump trashes Canada and talks about keeping tariffs on us. Get the latest from Brian Lilley straight to your inbox Canadian Prime Minister Mark Carney greets U.S. President Donald Trump during an arrival ceremony at the G7 Summit in Kananaskis, Alta., on June 16, 2025. (Photo by Stefan Rousseau / POOL / AFP) (Photo by STEFAN ROUSSEAU/POOL/AFP via Getty Images) On Monday, Prime Minister Mark Carney went from being the tough talking Mr. Elbows Up when talking about U.S. President Donald Trump to being a fan boy. Carney gushed about Trump as they met for a bilateral ahead of the official opening of the G7. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 'Mr. President, welcome to Canada,' Carney said. 'It's a great honour. Happy birthday.' Trump had celebrated his birthday on Saturday with a big military parade to honour himself and the founding of the U.S. Army. Objectively, Carney was showing Trump more respect, and was happier to see him, than the sloppy troops that marched past Trump on the weekend. Carney noted that it was the 50th birthday of the G7 as well before really gushing about Trump. 'The G7 is nothing without us leadership and so and your personal leadership, leadership of the United States, many issues, geopolitics, economic, technology and working hand in hand with the United States, Canada and the United States and the other G7 partners with your leadership. I'm very much looking forward to the meeting and grateful to have you,' he said. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. Look, it's understandable to be nice to a visiting world leader, especially one you are negotiating a trade deal with, but Carney was over the top and effusive. 'A person who worships at the altar of Donald Trump will kneel before him, not stand up to him,' Carney said in speech after warning voters that Conservative Leader Pierre Poilievre couldn't be trusted with Trump. Who's kneeling and worshipping now, Mr. Carney? Despite Carney's rhetoric during the election campaign and since about our relationship with the United States being over and the need to move trade away from the Americans, talks have been ongoing. There was even hope that a deal would be announced before the G7 began, with Trump and Carney even speaking directly as part of those negotiations. This advertisement has not loaded yet, but your article continues below. Watch as Mark "Elbows Up" Carney gushes over Donald Trump and then is silent as Trump trash talks a past Canadian PM and talks about leaving tariffs on us as part of our trade deal. — Brian Lilley (@brianlilley) June 16, 2025 The push for a deal cooled off last week and momentum faded. Still, Trump said he thinks a deal can be had — and soon — though he said clearly he isn't ready to give up tariffs. 'I think we have different concepts,' Trump said of his view on trade compared to Carney's. 'I have a tariff concept. Mark has a different concept, which is something that some people like, but we're going to see if we can get to the bottom of it. Today.' While Trump said it was possible for a deal to be struck soon, he made clear that he isn't ready to move off of tariffs, even with Canada. 'I'm a tariff person. I've always been a tariff person. It's simple. It's easy, it's precise, and it just goes very quickly. And I think Mark has a more complicated, but also very good. So we're going to look at both, and we're going to see what we're going to come out with something,' Trump said. This advertisement has not loaded yet, but your article continues below. As Trump talked about tariffs and the trade talks, Carney didn't speak up, he didn't say a word. The man who said he was the only leader who could stand up to Donald Trump was too busy smiling and being in awe of the American president – kneeling and worshipping as it were. Carney couldn't even speak up as Trump badmouthed his predecessor Justin Trudeau and blamed Trudeau for something he didn't do. Trump claimed more than once that Trudeau kicked Russia out of the G7 along with Obama, when in fact it was former Conservative prime minister Stephen Harper. Our PM looked incredibly weak. On trade Trump said a quick deal is possible, but both sides have to agree. Mark Carney didn't speak up and say that tariffs were unacceptable to him, or to Canada, while Trump was rambling. Should we take that mean that he agrees? Will Canada face a 10% tariff across all goods at the end of this? 'That's a low number!' Trump said of the 10% tariff on British goods when announcing a deal with the U.K. back in early May. We are about to find out how high, or perhaps how low, Mark Carney's elbows can go. Read More Toronto Maple Leafs Toronto Maple Leafs Toronto & GTA Toronto & GTA Music
