Let the oil flow

Good morning. Earlier this week, we highlighted the rescue of 23 ice fishers from a floating ice shelf, and said it was “the type of near-tragedy that Canadian folk songs are made of.” Well, one of our readers agreed! After seeing our comment, reader Dale Hall was inspired to write an excellent poem and sent it to us.

It was a windy Sunday morning,
And the bay was calling all the shoremen.
Just north of the four hundred
The helo’s blades deeply thundered

Getting a bite was a long shot,
But the chase was on, for a Burbot
The Gord’s can’t tell the story,
So I’ll step in; their territory.

Fishing is entirely enthralling
For them, it was their one true calling
Twenty three broke away
On an ice floe on Georgian Bay

The calm ones called the Coast Guard
The pilots said, the winds are too hard
They tried to find a way out,
But the wind closed off their only route

They hung their heads in weathered sorrow,
And prayed to God they would see tomorrow
Then they heard the roaring thunder
Taken out in threes, torn asunder

Reunited with their families.
Thankful for no casualties.
These men now share the strongest bond.
Due to what happened on that pond.

Markets: The Canadian energy sector was up 2.6% yesterday as oil prices climbed again despite a massive oil reserve release (more on that below), but it wasn’t enough to keep Canada’s main stock index from dropping on the day as the materials and tech sectors fell.

Western nations have greenlit the largest release of oil reserves in history. 

What happened: As the war in Iran continues to disrupt oil supply chains, all 32 members of the International Energy Agency (IEA) have agreed to release up to 400 million barrels of oil from their respective government reserves in a bid to curb soaring prices. 

Why it’s happening: Since the U.S. and Israel attacked Iran less than two weeks ago, the price of crude has jumped as much as 40%, largely due to the closure of the Strait of Hormuz, through which about one-fifth of the world’s oil supply moves. That logjam — and the lack of clarity on when it will be cleared — has put major pressure on global energy supplies. 

Why it matters: This isn’t just the biggest release of oil reserves in the IEA’s history — it's among the largest coordinated global economic responses since the 2008 financial crisis. The scale of the response speaks to the uncertainty around how long the war in Iran will last. 

What’s next: Releasing the reserves is more of a stopgap solution to ease pain at the gas pump, and as investment firm Macquarie put it: “Crude oil will continue to trade like a 'meme stock' until the solution is peace."—LA

Canadian housing construction picked up in 2025. Canada Mortgage and Housing Corp. says the country made “meaningful” supply gains last year, with housing starts jumping 6% year-over-year and eclipsing the 10-year average. A total of 259,000 new housing units were built across the country, most of which were rentals. Toronto was the lone market that saw housing starts fall below the historical average. (The Canadian Press)

New limit on banking fees comes into effect today. In a move that could save Canadians ~$600 million, Canadian banks will no longer be able to charge more than $10 penalties for customers with insufficient funds. It's the second time in the last four months that Ottawa has forced lenders to cut retail banking fees, which often penalize the lowest-income Canadians. (The Logic)

MDA Space targets a US$300 million raise on Wall Street. The Canadian satellite and robotics company is filing for an IPO on the New York Stock Exchange, though it will maintain its listing on the Toronto Stock Exchange. As one of the few homegrown space companies, MDA Space stands to be one of the beneficiaries of Ottawa’s push to prioritize domestic companies in its defence procurement. (Bloomberg News)

📡 What else is on our radar:

Scams are getting more sophisticated. According to new data from RBC, 81% of Canadians feel there's a new scam to watch out for every single week, and most have started treating every unknown message as a threat. That's not paranoia. That's the reality of our current moment.

The good news: a few simple habits go a long way. RBC's fraud prevention tips break down how to:

Scammers are counting on you to move fast. Don't.

This March, in recognition of Fraud Prevention Month, get up to speed on the latest scams and how to protect yourself.

Learn more

Researchers at the University of Gothenburg in Sweden have published a paper detailing promising Phase II trial results for a pill that treats sleep apnea. The medication consists of sultiame — an old anti-seizure medication for children that’s still used in parts of Europe, though it never received Canadian approval. Turns out, it’s also an anti-snoring remedy.

Why it matters: While CPAP machines exist as a sleep apnea treatment, they’re infamously cumbersome and aren't a viable solution for some sleep apnea sufferers who might have other complicating illnesses, or just can’t sleep with something strapped to their face. A pill would be a great alternative for many of the 5.4 million Canadians (per 2014 estimates) who suffer from this serious disorder.

Costco isn’t just for minivan-driving bargain hunters anymore — hypebeasts looking to snipe a heavily discounted grail now also have good reason to brave the superstore’s crowds.

Driving the news: A surprising item drop happened at Costco Canada earlier this week: a batch of hoodies from luxury streetwear brand Off-White. The hoodies sold out online in the blink of an eye — and for good reason, as they were selling for a mere $85 a pop, a steep discount to similar styles of hoodies currently available on Off-White’s website for $535.

Why it matters: Accessibility — relatively speaking, $85 is still mighty pricey for a hoodie for many folks — has re-emerged as an important factor in high-end fashion. So-called accessible luxury brands were the top performer in the sector last year, according to a recent Bain & Company report, with 50% of brands in the segment likely to have grown in 2025.—QH

Most senior leaders can spot an AI opportunity. Far fewer know how to actually act on it.

DeGroote's Graduate Certificate in Data Science, Applied AI and Organizational Leadership gives mid-to-senior professionals the frameworks to turn AI and data into measurable organizational results. Here's what makes it work for busy professionals:

Ready to move from observer to operator? Explore the certificate at DeGroote.

🐶 32. Consecutive years that the Labrador retriever has been the most popular dog breed in Canada — that’s unparalleled dominance. Per the Canadian Kennel Club’s annual list, the golden retriever took home second-place spot, followed by the German shepherd in third. In a dramatic ranking shuffle, the poodle dethroned the French bulldog for fourth place in 2025.

One two three four, I declare a puzzle war! We’ve got today’s mini-crossword, the daily sudoku, and Codebreaker. 

Plus, we have a new game for you to try out today called Who’s Who, which challenges you to identify a notable person based on six clues from their bio. Here’s a hint to get you started: today’s answer is a Canadian political figure.