National Average Price for Regular Unleaded Current: $3.423; Month Ago: $3.288; Year Ago: $2.443. National Average Price for Diesel Current: $3.771; Month Ago: $3.574; Year Ago: $2.667.

Canadian Labour Minister Steven MacKinnon has rejected a request by Canadian National Railway to initiate binding arbitration in a labor dispute with the Teamsters union, a spokesman for the minister said on Thursday. In a letter to CN Rail's lawyers, MacKinnon said it was the shared responsibility of the company and the union to negotiate in good faith. The letter, sent on Wednesday, was released by the Teamsters. Talks between CN Railway and Canadian Pacific Kansas City - the country's two largest rail companies - and the Teamsters are deadlocked, with each side blaming the other. CN Rail said it was disappointed by MacKinnon's decision, saying he would have to reconsider if the union did not "get serious and engage meaningfully at the negotiating table".

The effects of the Iran war are being felt across the global supply chain, as container rates rise sharply on vital headhaul trade routes including to the United States, an analyst said.  “Five weeks into the Strait of Hormuz closure and spot rates on every major east-west trade lane have risen sharply, showing this is a conflict with global repercussions for ocean supply chains,” said Peter Sand, Xeneta chief analyst. “No shipper is insulated from financial or operational risk. Far East to U.S. West Coast – a trade which transits the Pacific thousands of miles from the epicenter of conflict – has seen spot rates climb 29% since the end of February.”