The world is facing what one expert calls “the largest oil supply shock ever” – and for Canada, that raises the risk of higher inflation, weaker growth, and more policy uncertainty. According to CBC News, Nicholas Mulder of Cornell University estimates the war in Iran has removed roughly three to four times as many barrels from the market as the 1973 and 1979 oil crises. He links that to fears that have “all but stopped” tanker traffic through the Strait of Hormuz, the narrow waterway that normally handles about one‑fifth of the world’s crude and liquefied natural gas.

Source: CBC News March 10, 2026 12:58 UTC