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Energy Minister Tim Hodgson gave further details on the package March 3, including C$44 million for upgrades to the Northwest Transmission Line in northern British Columbia.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

Shipowners and brokers are demanding more than $200,000 a day for LNG tankers in the Atlantic Basin, roughly double what they were commanding less than a day earlier, according to sources.

Oil producers jumped on a chance to lock in prices for future sales as the crude market soared, opening a window that had been scarce before the U.S. and Israel launched strikes on OPEC member Iran. 

Secretary of Labor Lori Chavez-DeRemer announced a proposed rule to rescind a controversial independent contractor rule in a move welcomed by the trucking industry.

Agriculture traders rushed to adjust positions with the escalating conflict in Iran threatening to disrupt supply chains from corn and soybean meal to fertilizer and sugar.

Some carriers are canceling bookings temporarily, skipping some port calls, warning of delays and implementing surcharges to transport containers through the conflict zone. 

An appeals court rejected the Trump administration’s request to delay next steps in the fight over tariff refunds for importers after the Supreme Court struck down Trump's signature policy.

“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”

Soy rose to its highest level in more than two years after strikes by the U.S. and Israel on Iran. Contracts in Chicago surged as much as 3.9% before paring some gains.