The war in the Middle East has disrupted aluminum output, pushing prices to a four-year high and leaving them nearly 10% above pre-conflict levels. Gulf producers account for about 9% of global supply, and analysts say restarting damaged or idled smelters could take months to more than a year, keeping the market tight through year-end. For Canada, where 96% of aluminum is produced with hydroelectric power, higher prices have helped cushion the impact of 50% U.S. tariffs and contributed to a rebound in shipments to the United States.

The S&P 500’s Shiller price-earnings ratio has risen to 41.3, close to the 44.2 peak reached in December 1999 and far above the roughly 19 average over the past century. Because it uses 10 years of inflation-adjusted earnings, the measure smooths out short-term profit bursts tied to surging AI-related capital spending. By contrast, the index’s forward P/E is about 21 times expected earnings, only modestly above its 30-year average of 17.1. A key caveat is that much of the profit growth is concentrated in a small number of mega-cap technology companies, complicating what the valuation signal means for the broader market.

Koryx Copper (KRY-X) CEO increased his stake by buying 100,000 shares in the open market on June 3 at C$3.29 per share, lifting his holdings to 2.914 million shares. The company is advancing its 100%-owned Haib Copper Project in Namibia and on May 15 reported results from 17 drill holes, including 150 metres of 0.45% copper equivalent in hole HM132. Koryx is targeting publication of a prefeasibility study in Q4 2026.

Norway’s Equinor said it will postpone a decision until early 2027 on whether to move ahead with the Bay du Nord deepwater oil project off Newfoundland. The company’s latest assessment puts recoverable reserves at 5.5亿 barrels, up 28% from the previous 4.3亿 barrels and close to double the initial estimate. Equinor has decided to develop two of five discoveries in the area. If it goes ahead, Bay du Nord would be Canada’s first deepwater oil development and would sit about 500 kilometres from shore, making it the world’s most remote offshore oil project from land.

Investors have been aggressively building bullish copper positions, with net longs in CME copper futures reaching 77,131 contracts in early June, the highest since early 2021. Net length has eased but remains elevated at 71,127 contracts, while short positioning has stayed at historically low levels. On the LME, options positioning is strongly tilted to calls, with nearly 112,000 December call contracts outstanding versus about 52,000 puts, and bets clustered around $15,500–$17,000 per ton and as high as $25,000 per ton. The prospect of U.S. import tariffs alongside the energy transition and AI themes has pushed investors to anchor copper pricing to long-term structural expectations rather than near-term supply and demand.

Russia and ASEAN held a summit in Kazan and said they would deepen their strategic partnership. ASEAN members including the Philippines, Indonesia, Thailand and Vietnam have either imported Russian crude oil or expressed interest in buying it. The move comes as global fuel prices have risen following the war in Iran, which could help cushion the impact of Western sanctions on Russian oil exports and support the practical flow of Russian crude.

Canadians are paying up to $2 a litre for gasoline after U.S. President Donald Trump’s war in Iran, while the country’s largest oil companies are poised to reap $90billion in windfall profits from the shock. North American analysts estimate prices will not return to prewar levels until mid2027 at the earliest, even with a ceasefire in place. The article ties the rise in oil and gasoline prices directly to the escalation of the U.S.-Iran war, citing heightened global supply concerns rather than routine geopolitical tensions or anticipated events.

Alberta’s finances have swung from a projected deficit to near balance after oil royalties jumped amid a rise in prices linked to the war in Iran. The province will send C$100 payments to 3.4 million residents under the Alberta Energy Rebate, replacing its usual gasoline-tax cut. The move follows disruptions to commercial traffic in the Strait of Hormuz and a period when WTI traded near US$100 a barrel, with each US$1 move affecting the provincial bottom line by about $700 million.

South Korea’s Hanwha Ocean has signed a nonbinding memorandum of understanding with Vancouver-based Kanata Clean Power & Climate Technologies to support the proposed Kanata LNG floating export project near Prince Rupert, British Columbia. Kanata estimates the project’s capital cost at about US$15.7billion and targets exports of up to 12 million tonnes a year of liquefied natural gas to Asia. The project remains subject to regulatory approvals, including environmental reviews, and no final investment decision has been made.