The Globe and Mail reports in its Thursday, March 5, edition that the United States-Israeli war on Iran has driven oil prices up by 12 per cent due to concerns over supply as Iran's Islamic Revolutionary Guard claimed control of the Strait of Hormuz, halting most vessel traffic and disrupting the flow of Middle Eastern oil and gas. The Globe's Eric Atkins writes that Karatzas Marine Advisors & Co.'s Basil Karatzas says the Strait is "extremely critical." Eighty per cent of the Strait's crude is destined for Asia. Most of the remainder goes to Europe with a small amount to the Americas, according to the International Energy Agency. Qatar and the United Arab Emirates ship almost all their liquefied natural gas through the strait, accounting for 20 per cent of global supplies. Canada produces more oil than it consumes and is not expected to face immediate supply issues, aside from gas prices. In 2023, Saudi Arabia was the third-largest source of Canada's oil imports, supplying 11 per cent, primarily to refineries in Eastern Canada. "Most oil tankers arriving in Montreal come from the U.S. or Europe, so no ships have been impacted by the Strait of Hormuz," said Port of Montreal spokesman Renee Larouche.