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Oil and gas prices extended their sharp climb this week as the escalating conflict between the US, Israel, and Iran disrupts shipping through one of the world’s most critical energy chokepoints.

Crude oil futures surged again on Thursday (March 5), with the US benchmark climbing roughly 3.5 percent to about US$77 per barrel—the highest level in more than a year. Brent crude rose nearly 3 percent to around US$83 per barrel.

The waterway, which separates Iran from the United Arab Emirates (UAE) and Oman, carries roughly one-fifth of the world’s daily oil and liquefied natural gas shipments.

Since the latest wave of hostilities began over the weekend, tanker traffic through the strait has largely stalled, with shipowners reluctant to transit the area amid continued missile attacks and drone strikes.

Energy prices have already surged roughly 15 percent since the conflict intensified. US gasoline prices are beginning to reflect the shock, rising nearly 9 percent in just one week. The average price of a gallon of regular gasoline in the US climbed from US$2.98 before the attacks to about US$3.25, according to AAA.

Financial markets have responded cautiously. Futures for the Dow Jones Industrial Average fell about 0.3 percent ahead of Thursday’s opening bell, while the S&P 500 (INDEXSP:.INX) and Nasdaq Nasdaq Composite (INDEXNASDAQ:.IXIC) futures also edged lower.

If prices remain elevated, analysts warn the surge could complicate the US Federal Reserve’s efforts to tame inflation. Rising energy costs may reduce the likelihood of interest rate cuts this year, keeping borrowing costs higher for longer and potentially slowing economic growth.

‘If the strait were to close for an extended period of time, it would be among the greatest supply shocks in history, and the price of oil undoubtedly would escalate well over US$100,’ analysts from S&P Ratings said in a FocusEconomics update. ‘Given the importance of the strait and the substantial US military presence in the region, it’s highly doubtful the strait could be closed for an extended period of time.”

Continued attacks halt gulf trade

Meanwhile, supply disruptions are intensifying across the Middle East. Shipping data shows tanker traffic through the Strait of Hormuz has dropped dramatically, falling from about 40 vessels per day earlier this year to virtually none in recent days.

Hundreds of oil and gas carriers are now anchored outside the waterway waiting for the security situation to stabilize.

Attacks on commercial shipping have added to the uncertainty. A tanker anchored near Kuwait reported a large explosion on its port side earlier this week. The vessel reportedly suffered a cargo tank leak, although the crew was unharmed.

Other incidents have also been reported. At least nine vessels have come under attack since the conflict began, including tankers targeted by drones and explosive boats in Gulf waters.

Onshore energy infrastructure has also been affected. Several refineries in the region have cut operations or temporarily halted production, while Iraq reportedly reduced oil output by nearly 1.5 million barrels per day after storage capacity filled up when tankers were unable to load cargo.

Liquefied natural gas markets are also facing additional pressure after QatarEnergy halted production earlier this week and declared force majeure on exports. The state-owned firm is one of the world’s largest LNG suppliers, responsible for roughly 20 percent of global shipments.

European natural gas prices have surged in response, rising roughly 50 percent this week amid concerns that supply disruptions could tighten global markets heading into next winter’s storage season.

Despite the escalating crisis, global equity markets have shown signs of stabilizing. Asian stock markets rebounded Thursday after heavy losses earlier in the week, with South Korea’s KOSPI jumping nearly 10 percent and Japan’s Nikkei 225 (INDEXNIKKEI:NI225) gaining about 1.9 percent.

Governments are also scrambling to stabilize shipping lanes. US President Donald Trump said Washington would offer political risk insurance for tankers attempting to pass through the Strait of Hormuz and indicated that U.S. naval forces could escort commercial vessels if necessary.

Insurance markets are also evaluating potential coverage frameworks for ships willing to transit the area, according to Lloyd’s of London.

“The implications for the global economy will depend largely on the duration and severity of the crisis. The real GDP of major advanced and emerging economies is far less dependent on oil than during past crises,’ Marc-Antoine Dumont, Senior Economist at Desjardins, and Randall Bartlett, Deputy Chief Economist, commented.

‘That said, Asia and China remain more exposed to the consequences of a prolonged disruption in Middle Eastern oil supply. On one hand, the US is now a net exporter of petroleum products, and a sustained increase in prices could even have positive spillovers for investment in the resource sector, which has struggled in recent years.”

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Couloir Capital is pleased to announce that it has initiated research coverage on 55 North Mining Inc. (CSE: FFF,OTC:FFFNF) (or ‘Company’). Couloir Capital’s senior mining analyst, Ron Wortel, MBA, P.Eng., QP, crafted a report titled ‘Initiating Coverage of 55 North Mining as it moves project on production.’

Report excerpts: ‘The Last Hope Gold Project is a high-grade, Precambrian lode-gold system located within Manitoba’s prolific Lynn Lake Greenstone Belt, part of the Churchill Structural Province.’

‘Last Hope benefits from a strategic position within the historic Lynn Lake mining district, a region with established social license, supportive regulatory frameworks, and a deep legacy of gold and base-metal production. The project lies 25 km from Alamos Gold’s fully permitted Lynn Lake development, where construction of an 8,000 tpd mill and 250,000 oz/year operation is underway, with first production targeted for 2029. Management views Last Hope as a potential high-grade satellite feed or toll-milling opportunity that could enhance grade control and improve the IRR of the regional mill project, creating optionality for partnership, consolidation, or a corporate-level transaction.’

The report can be accessed through Couloir Capital’s portal: https://www.couloircapital.com/research-portal.

About Couloir Capital Ltd.

Couloir Capital Ltd. is an investment research firm with a team of experienced investment professionals providing institutional-quality research coverage for small-cap equities. Our research reports are distributed via Bloomberg, FactSet, Capital IQ, LSEG, Research Tree and other platforms, as well as via social media and extensive email distribution lists. To subscribe, visit: https://www.couloircapital.com/research-portal

For further information, please contact:

Rob Stitt, Managing Director, Couloir Capital Ltd.
Email: rstitt@couloircapital.com
www.couloircapital.com

DISCLAIMER:

Analyst Disclosure:

  1. The Company has retained Couloir Capital under a service agreement that includes analyst research coverage only.
  2. The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity.

Investors are encouraged to read the complete list of disclosures contained in the report.

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Europe is ramping up its nuclear defenses, as France expands its arsenal and Poland signals interest in closer nuclear coordination with allies. 

‘I have decided to increase the numbers of warheads of our arsenal,’ French President Emmanuel Macron said Monday. 

He also said France will no longer disclose the size of its nuclear arsenal, reversing previous transparency.

‘To be free, one needs to be feared,’ the French president concluded.

France’s shift comes as Europe faces its most volatile security moment in decades, with Russia’s war in Ukraine grinding on, repeated nuclear threats from Moscow, and renewed questions in European capitals about the long-term reliability of U.S. security guarantees. Recent U.S. military strikes against Iran have added to a sense of global instability.

Polish Prime Minister Donald Tusk, meanwhile, signaled his country eventually will try to obtain nuclear weapons. 

‘Poland takes nuclear security very seriously,’ he said Tuesday. ‘As our autonomous capabilities grow, we will strive to prepare Poland for the most autonomous actions possible in this matter in the future.’

Polish President Karol Nawrocki, who frequently finds himself at odds with Tusk, said he is ‘a big supporter of Poland joining the nuclear project.’

Poland is a signatory of the nuclear nonproliferation treaty from the 1960s, meaning it is officially committed not to obtaining nuclear weapons. 

Tusk said Monday that Poland was in talks with France after Macron offered to deploy nuclear-capable fighter jets to allied countries. 

Russia’s invasion of Ukraine in 2022 shattered long-standing assumptions about conventional deterrence on the continent and has been accompanied by repeated nuclear saber-rattling from Moscow, including threats tied to Western military support for Kyiv. Russian officials have periodically warned of escalation if NATO deepens its involvement, keeping nuclear deterrence at the forefront of European security planning.

At the same time, questions have resurfaced across European capitals about the long-term durability of U.S. security guarantees, even as Washington continues to lead NATO and maintain nuclear forces stationed in Europe under long-standing alliance arrangements.

Several European governments have sharply increased defense spending since the start of the Ukraine war. 

Germany announced a historic military buildup after decades of underinvestment. Poland has become one of NATO’s top defense spenders as a percentage of GDP, rapidly expanding its conventional forces. And leaders in Paris and elsewhere have revived calls for greater ‘strategic autonomy’ — the idea that Europe must be capable of defending itself if the United States shifts its focus elsewhere.

France is the only nuclear-armed nation in the European Union and maintains an independent deterrent separate from NATO’s U.S.-led nuclear umbrella. Any expansion of its arsenal or broader coordination with European partners marks a significant moment in the continent’s post-Cold War security architecture.

Globally, only nine countries are widely believed to possess nuclear weapons: the United States, Russia, China, France, the United Kingdom, India, Pakistan, North Korea and Israel.

The renewed nuclear focus in Europe is also unfolding as global tensions escalate beyond the continent. The U.S. recently carried out major military strikes against Iran, raising fears of a wider regional conflict and stretching U.S. military attention across multiple theaters.

For some European leaders, the combination of Russia’s aggression and instability in the Middle East reinforces arguments that the continent must be prepared to shoulder more of its own defense burden — including strengthening deterrence at the highest level.

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Moderna (NASDAQ:MRNA) has agreed to pay US$950 million to resolve a long-running patent dispute tied to the technology used in its COVID-19 vaccine.

The pharmaceuticals giant announced it has reached a global settlement with Arbutus Biopharma (NASDAQ:ABUS) and Genevant Sciences GmbH over claims that Moderna’s vaccines infringed patents related to lipid nanoparticle (LNP) delivery technology.

The tiny fat-based particles are used to transport mRNA vaccines into human cells.

Under the agreement, Moderna will make a lump-sum payment of US$950 million in the third quarter of 2026 and will not owe royalties on existing or future vaccines. The settlement resolves all litigation worldwide involving the companies.

The case had centered on allegations that Moderna used LNP technology owned by Arbutus and Genevant in its COVID-19 shot without authorization.

Moderna CEO Stéphane Bancel said the settlement clears the path for the company to focus on its pipeline.

“Resolving this legacy matter from our pandemic response removes uncertainty and allows us to turn our full focus to Moderna’s exciting near-term future,” Bancel said in a company statement.

Moderna also said it will continue pursuing an appeal related to its claim of government-contractor immunity under US law, which could further limit its liability.

If the Federal Circuit Court ultimately rules against the company on that issue, Moderna could be required to make an additional payment of up to US$1.3 billion within 90 days of the decision. The company said it has not recorded any additional charge tied to that possibility because it does not consider the loss probable.

The company expects to record a US$950 million charge in the first quarter of 2026 tied to the settlement payment.

Despite the payout, Moderna said it expects to end 2026 with between US$4.5 billion and US$5 billion in cash and cash equivalents. Including access to its credit facility, the company estimates total available liquidity of between US$5.4 billion and US$5.9 billion.

Investors responded positively to the resolution of the dispute, which analysts said removes a major uncertainty hanging over the company. Shares of Moderna rose by as much as 10 percent in premarket trading after the announcement, while Arbutus shares declined

While the agreement resolves Moderna’s dispute with Arbutus and Genevant, the company remains involved in other intellectual property litigation.

Moderna has ongoing legal claims against Pfizer (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX) related to mRNA technology used in competing COVID-19 vaccines.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Osisko Metals Incorporated (the ‘Company or ‘Osisko Metals’) (TSX: OM,OTC:OMZNF; OTCQX: OMZNF; FRANKFURT: 0B51) is pleased to announce the appointment of Ms. Victoria Vargas to its board of directors, effective immediately.

Ms. Vargas brings over 25 years of extensive knowledge of the mining industry and North American capital markets, and a wealth of expertise in environmental, social and governance. She has a Bachelor of Arts (Hons. Economics) from Lima (Peru) University and an MBA Finance from Simon Bolivar University in Venezuela.

Ms. Vargas currently serves as the Chief Financial Officer of VMS Mining and is a director and chair of the corporate government relations committee of Lithium Universe Canada. She previously served as Vice President Investor Relations for Minera Alamos Inc., and as a director, chair of the corporate governance and nominating committee and a member of the audit committee of Silver Mountain Resources Inc.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in the past-producing Gaspé Copper mine from Glencore Canada Corporation in July 2023. The Gaspé Copper mine is located near Murdochville in Québec‘s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt averaging 0.34% CuEq and Inferred Mineral Resources of 670 Mt averaging 0.38% CuEq (in compliance with NI 43-101). For more information, see Osisko Metals’ November 14, 2024 news release entitled ‘Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper’. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP through the Pine Point Mining Limited joint venture to advance one of Canada‘s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt averaging 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt averaging 5.64% ZnEq (in compliance with NI 43-101). For more information, see Osisko Metals‘ June 25, 2024 news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’. The Pine Point project is located on the south shore of Great Slave Lake, NWT, close to infrastructure, with paved road access, an electrical substation and 100 kilometres of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Don Njegovan, President
Email: info@osiskometals.com
Phone: 416-500-4129 

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‘Shahs of Sunset’ star Reza Farahan is speaking out about the United States and Israel’s military action against Iran. 

During an interview with Fox News Digital, the Iranian-born 52-year-old reality star, who authored the forthcoming book ‘Memoirs of a Gay Shah,’ explained that he and his family came to America on a family trip in 1977 and ended up staying after unrest in Iran escalated into revolution.

During the 1979 Iranian Revolution, the country’s former monarch, Shah Mohammad Reza Pahlavi, was overthrown and replaced by Ayatollah Ruhollah Khomeini, who established an Islamic Republic that transformed the country into a theocratic state governed by strict religious rule. 

Last weekend, U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu launched coordinated strikes on Iranian military and nuclear targets, during which Iran’s Supreme Leader Ayatollah Ali Khamenei was killed. Iran retaliated with missile and drone strikes against Israel and U.S. military bases in several Middle Eastern states. 

The conflict comes on the heels of widespread anti-government protests in Iran that erupted in December 2025 and were met with brutal crackdowns by the government that left thousands dead.

During an interview with Fox News Digital, Farahan shared his insight into how Iranians living in the country have reacted to the U.S. and Israel-led strikes. 

‘I’ve spoken to relatives and friends who are in Iran, and I know it’s hard for non-Iranians to understand this, but the Iranians in Iran are so happy that there is military intervention that has come to help rescue them from the Islamic Republic,’ he said. 

‘I know, especially for people that are anti-our President, they can’t understand why,’ Farahan continued. ‘Why are the people in Iran happy? They’re happy because the prospect of freedom is something that they’ve dreamed of for so many years.’ 

‘I urge the American population to do their own research, keep an open mind, and think about what the Iranians inside of Iran are begging for,’ he added. 

Farahan also described the response that he was seeing in the Iranian-American community. 

‘Utter elation and gratitude for the prospect that there could be potential regime change and freedom for people that have been oppressed by a fanatical religious dictator for 47 years,’ he told Fox News Digital.  

According to a recent Fox News poll, American opinion on the U.S. military action against Iran is sharply divided. While 65% of voters see Iran as a serious national security threat, about 50% of those polled approve of the strikes and about 50% disapprove.

Support and opposition broke down strongly along partisan lines. According to the survey, more than 8 in 10 Republicans approve of the current U.S. use of force, while only 6 in 10 say the president’s actions on Iran are making the U.S. safer.

Nearly 8 in 10 Democrats disapprove of the U.S. strikes and think things are less safe because of Trump’s performance, while 6 in 10 or more independents think the same on both counts.

Meanwhile, two-thirds of voters said they were generally concerned that Trump’s use of executive orders and acting without Congressional approval may be permanently altering the country’s system of checks and balances.

‘Shahs of Sunset’ star Reza Farahan says Iranians support U.S.-led military intervention for ‘prospect of freedom’

During his interview with Fox News Digital, Farahan addressed critics of the military action, arguing that partisan politics shouldn’t cloud judgment. He also warned that Americans opposing the action may be underestimating the threat posed by the Islamic Republic and the country’s primary military branch, the Islamic Revolutionary Guard Corps (IRGC).

‘My message to people criticizing the action in Iran is one: please don’t allow your political bias to interfere with understanding that freeing Iran is making the world a safer place,’ he said. ‘When the creed and motto of a dictator is ‘Death to America,’ and they force the people to chant that all the livelong day, believe them.’ 

‘That’s not just a message, it’s their goal,’ Farahan continued. ‘They just don’t have the ballistic missiles that will reach America currently, but that is what they’re working towards. And freeing Iranians from the IRGC and the Islamic Republic not only helps them, it helps us for generations to come.’

Farahan has previously said that he first came out as gay to his mother at the age of 21. He became one of the first openly gay Persian-American reality TV stars when ‘Shahs of Sunset’ premiered on Bravo in March 2012. Farahan’s relationship with his now husband Adam Neely was prominently featured on the show with the duo tying the knot in an episode of the show that aired in October 2015.

Farahan remained a member of the main cast throughout the show’s nine-season run until August 2021. He went on to appear in other reality shows including ‘Worst Cooks in America’ and ‘The Traitors.’ Farahan is currently starring on the Peacock reality series ‘The Valley: Persian Style.’ 

While speaking with Fox News Digital, Farahan shared his view on the Iranian-American experience and explained how he was grateful as an openly gay man to be living in America. 

Iranian-born ‘Shahs of Sunset’ star Reza Farahan says conflict strengthened his pride in being American

‘We are a minority group that assimilated and worked our butts off in this country to contribute and show our gratitude to this new homeland that we have,’ he said. ‘And there’s not a day that goes by that I don’t express gratitude to my father-in-law, who’s a retired Air Force Colonel, or anyone that serves in the U.S. Armed Forces that protects me and my family and this beautiful country and allows me to be free here. ‘

He continued, ‘Because if I were in Iran, 100% I wouldn’t — I would not have made it to this age. I would have been killed. Gay people are stoned to death or hung from cranes regularly.’

Farahan told Fox News Digital that the current conflict in Iran has ‘strengthened my pride in being an American citizenHe explained that when he was growing up, he had recurring nightmares of being sent back to Iran.

‘Shahs of Sunset’ star Reza Farahan shares powerful message he hopes readers take from his memoir

‘I’m so proud to have a U.S. passport,’ he said. ‘The thought of not being in America anymore was just so scary to me. So for anyone out there listening: God bless America. I love this country, and I’m grateful for it every single day.’

Farahan acknowledged he may face financial losses for his political views, but he said he feels obligated to speak for those in Iran killed for defying Islamic dress codes — including the legal requirement for women to cover their hair with a hijab — or their sexual orientation.

‘I think to myself: I have a duty,’ he said. ‘And I may suffer financially because people may not buy my book because they may not like what I have to say politically, but I have a duty to those people who were killed because their hair was exposed, or their acid was thrown in their faces of these beautiful women because they didn’t observe the hijab rules.’ 

‘I have a duty to those people because I’ve benefited from living in this beautiful country for basically my entire life,’ he continued. ‘I was three and a half years old when we left Iran. So whatever backlash I get, hopefully it’ll be worth it for speaking for the ones who can’t speak.’

Farahan’s book ‘Memoirs of a Gay Shah’ follows his journey from moving to the U.S. as a child just before the Islamic Revolution to growing up as an immigrant in Beverly Hills and becoming an openly gay reality television star. He told Fox News Digital that his memoir is also an immigrant success story and a celebration of the American Dream. 

‘I want the people that read my book to know that this little brown kid came to a country at a time when people were side-eyeing my parents, looking at them like they were related to the terrorists that were holding those American hostages in captivity, yet somehow I found the beauty here,’ he said. ‘And I was able to find my dreams and prosper like no one else has. So when I tell you that America is the land of the home, is the home of the brave, the land of the free, and that you can have anything you want in this beautiful country, regardless of how you look and who you are, believe me, because I did it.’

‘If you wanna know how I did, read the book,’ he continued. ‘But the net result is this country is the greatest place on earth. And I’m so grateful because I was able to fulfill my dreams here. And if I had stayed in Iran, I’d be six feet under.’

‘Memoirs of a Gay Shah’ will be released on April 7.

Fox News Digital’s Dana Blanton contributed to this report.

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Iran launched a new wave of attacks on Thursday, with explosions reported in the region and Tehran threatening that the U.S. would ‘bitterly regret’ sinking an Iranian warship.

Iran’s strikes on Thursday targeted Israel, American bases and countries in the region. Israel announced multiple incoming missile attacks as air raid sirens blared in Tel Aviv and Jerusalem.

Azerbaijan’s Ministry of Defense on Thursday said Iran used unmanned aerial vehicles (UAVs) in an attack on Nakhchivan International Airport and other civilian infrastructure. The ministry said the details of the attack and the capabilities of the UAVs were being investigated.

‘The Ministry of Defense of the Republic of Azerbaijan strongly condemns the attacks carried out by the armed forces of the Islamic Republic of Iran against civilian infrastructure on the territory of Azerbaijan in the absence of any military necessity. The Islamic Republic of Iran bears the entire responsibility for the incident,’ the ministry’s statement read.

Iran has not acknowledged targeting Azerbaijan, despite the country’s ministry of defense pointing the finger at Tehran.

Qatar evacuated residents near the U.S. Embassy in Doha on Thursday, with its Ministry of Defense confirming that the country was ‘subjected to a missile attack’ and that its air defense systems were able to intercept it. The ministry urged the public to remain calm and avoid unofficial information.

Abu Dhabi announced that its authorities were responding to an incident involving falling debris in ICAD 2, which is part of the Industrial City of Abu Dhabi. Six people, identified by Abu Dhabi as Pakistani and Nepali nationals, suffered minor to moderate injuries.

Iran has carried out retaliatory strikes since the launch of Operation Epic Fury, with the latest wave coming one day after the U.S. sunk an Iranian warship, killing at least 87 Iranian sailors. Sri Lankan navy spokesman Cmdr. Buddhika Sampath said 32 people were rescued from the wreck and were admitted to a hospital.

Secretary of War Pete Hegseth defended the move during a news briefing at the Pentagon.

‘An American submarine sunk an Iranian warship that thought it was safe in international waters. Instead, it was sunk by a torpedo — Quiet Death. The first sinking of an enemy ship by a torpedo since World War II. Like in that war, back when we were still the War Department, we are fighting to win,’ Hegseth said.

Iranian leaders condemned the attack, with Foreign Minister Abbas Araghchi accusing the U.S. Navy of committing ‘an atrocity at sea.’ Meanwhile, Ayatollah Abdollah Javadi Amoli appeared on state television and called for the shedding of Israeli and ‘Trump’s blood.’

‘Fight the oppressive America, his blood is on my shoulders,’ he said in a rare call for violence from an ayatollah, one of the highest ranks within the clergy of Shiite Islam.

The U.S. and Israel launched the war on Saturday with strikes targeting Iran’s leadership, including the supreme leader, Ayatollah Ali Khamenei, who was killed. Iran’s missile arsenal and nuclear facilities were also hit.

The Associated Press contributed to this report.

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I spent decades inside the Pentagon watching technology reshape warfare. I saw precision munitions change the battlefield. I watched satellites compress decision cycles. But nothing compares to what is happening now.

Artificial intelligence has moved the lab to the kill chain.

And the showdown between Secretary of War Pete Hegseth and AI firm Anthropic is not a contract dispute. It is the opening battle over who controls the most powerful military technology of the 21st century.

AI is already transforming war

Look at Ukraine.

Western officials report that drones now account for roughly 70-80% of battlefield casualties in that war. But the real revolution occurs when AI is added. Reports indicate AI-guided navigation can increase drone strike accuracy from 10–20% to as high as 70–80%.

That is not incremental change. That is a transformation in battlefield lethality.

The same dynamic is emerging in U.S. operations involving Iran and other theaters. AI tools are being used for intelligence analysis, targeting refinement, pattern recognition, and operational simulations. These systems compress time, reduce uncertainty and accelerate decisions.

AI is not theoretical. It is operational.

CENTCOM releases new details on US military

Which brings us to Washington.

What the Hegseth–Anthropic standoff is really about

On Feb. 27, Hegseth designated Anthropic a ‘supply chain risk to national security.’ President Donald Trump ordered federal agencies to cease using its Claude AI model after Anthropic refused to remove two guardrails:

A prohibition on fully autonomous weapons.

A prohibition on mass domestic surveillance.

Artificial intelligence has moved the lab to the kill chain.

The Pentagon argues that military commanders must be able to use AI tools for all lawful defense purposes without seeking permission from a private company in real time.

Anthropic argues that removing safeguards could enable autonomous killing systems or unconstitutional domestic spying.

Both concerns are legitimate.

But here is the deeper problem: America has outsourced strategic control of its most sensitive military algorithms to private contractors.

That is unsustainable.

Draw the right line

Let me be clear about what must not happen.

We must not expand domestic surveillance of American citizens under the banner of AI efficiency. The Fourth Amendment does not disappear in the age of algorithms.

Second, we must keep a human being in the kill chain. I served under lawful command authority. Life-and-death decisions carry moral accountability. They cannot be delegated entirely to autonomous systems.

US military HUNTING DOWN Iranian missile launchers

Those are firm boundaries.

But here is the other boundary: no private corporation should hold an effective veto over how America defends itself.

Washington’s contractor addiction

For decades, the federal government has grown dependent on contractors for critical defense functions — logistics, cyber infrastructure, analytics and intelligence support. AI is simply the next frontier in that pattern.

But frontier AI models are not spare parts or uniforms. They are strategic infrastructure. They influence targeting, operational tempo and potentially deterrence modeling.

That level of sensitivity cannot remain under corporate ownership.

During World War II, the United States built the atomic bomb through the Manhattan Project under centralized national authority. It was not governed by venture-backed boards setting independent usage policies. It was directed by the U.S. government with a clear strategic mandate.

We need a similar mindset for our most sensitive AI systems.

Government must own core military algorithms. Not lease them. Not subscribe to them. Own them.

AI tools are being used for intelligence analysis, targeting refinement, pattern recognition, and operational simulations. These systems compress time, reduce uncertainty and accelerate decisions.

If AI is the new strategic high ground, America cannot subcontract the high ground.

China isn’t hesitating

As I argue in ‘The New AI Cold War,’ Beijing does not struggle with these dilemmas.

China fuses AI development directly to the state. There are no Silicon Valley executives in Beijing refusing military access. AI is treated as national infrastructure.

Russia and other nations are moving in similar directions. They are not debating internal guardrails while field-testing AI-enabled systems.

Strategic competition does not pause while we litigate contract language.

US military forces destroy Iranian fighters, drones in latest strikes

What must happen next

First, Congress must draw bright lines: no AI-enabled mass domestic surveillance of Americans without strict constitutional safeguards.

Second, codify meaningful human control over lethal force decisions.

Third — and most critically — build sovereign AI capacity inside government.

That means:

  • Government-controlled AI research for classified applications
  • Government ownership of core defense algorithms
  • Reduced reliance on private frontier labs for sensitive military systems
  • Long-term pipelines of cleared AI engineers

Anthropic argues that removing safeguards could enable autonomous killing systems or unconstitutional domestic spying.

Private industry will continue to innovate. But America’s most sensitive warfighting tools cannot remain dependent on companies whose corporate policies can override national defense requirements.

The real issue is sovereignty

The Pentagon–Anthropic feud is not about personalities. It is about sovereignty.

Rebecca Grant discusses US strategy for Iran nuclear talks, military threats

Who controls the algorithms that guide American force?

Who owns the code?

Who decides how it is used?

In the new AI Cold War, power will belong to those who control the models — not merely those who rent access to them.

America must protect liberty. We must reject AI-driven domestic surveillance. We must preserve human moral accountability in the use of force.

First, Congress must draw bright lines: no AI-enabled mass domestic surveillance of Americans without strict constitutional safeguards.

But we must also end the illusion that venture-backed firms can function as ultimate gatekeepers of national defense.

The AI Cold War is not hypothetical. It is unfolding on battlefields abroad and in policy fights at home.

This moment is not about one company. It is about whether the United States will treat artificial intelligence as strategic national infrastructure — or as a contractor service.

The answer will shape the next generation of warfare.

And history will not wait for us to decide.

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The highest-ranking Minnesotan in Congress is calling for a deeper investigation into allegations that leaders in his state government knowingly ignored evidence of welfare fraud, and he called for those leaders to even face incarceration if proven true.

‘People are sick and tired of elected officials having a double standard, being treated differently than they are. They’re held accountable for things that they should be held accountable for, when their elected officials are not,’ House Majority Whip Tom Emmer, R-Minn., told Fox News Digital. 

‘If these two guys are dirty, they should be held accountable, and they should serve jail time.’

He was referring to Minnesota Gov. Tim Walz and state Attorney General Keith Ellison, two of several witnesses at a high-profile hearing on fraud conducted by the House Oversight Committee on Wednesday.

Both Walz and Ellison insisted that they were serious about prosecuting fraud in the state’s social programs and that they took action to stop it once it was brought to their attention.

But Emmer cited a report by the House Oversight Committee that accused them both of knowing about the fraud earlier than previously thought and delaying public accountability for fear of political retribution from progressives in the state — particularly the Somali community in Minneapolis, who Republicans have accused of taking advantage of the state’s welfare system.

‘They might have been able to qualify it enough that it wasn’t black and white, but if they lied to the committee this morning about knowing about the fraud and when they knew about the fraud and the FBI investigation, that is a criminal act of its own,’ Emmer told Fox News Digital.

‘So I do believe, depending on this report and what else the majority staff is doing, they very well may want to call them back in and depose them under oath.’

He added at another point, ‘You have maybe 80 to 100,000 Somalis in Minnesota. Tim Walz won with 52%. They made a difference. Keith Ellison won by less than 1%. I think it was 20,000 votes. Makes a difference. So if those are connected, yeah, I mean, this is campaign fraud.’

‘I’ve taken accountability for this. I’m not going to run again. I need to spend the time fixing this,’ Walz said during the hearing. ‘This does undermine trust in government. Do I wish there were things that could have happened earlier? Yes. But in this job, ‘wish’ didn’t do it. I’m looking into where I see it.’

At another point, Walz attributed the rise in fraud statistics to an increase in prosecutions, telling Republicans, ‘When you catch people and prosecute them, it shows up as a fraud increase.’

He also dismissed accusations that he kept whistle-blowers quiet over fear of being seen as Islamophobic, ‘I can’t speak to it because it’s not anything I would say.’

Ellison, meanwhile, said he was happy to work across bipartisan lines to prosecute fraud.

‘I am here to work to improve this system, and there are improvements that can be made,’ he said. ‘If we can get out of fixing the blame and get to fixing the problem, that would be an enormous thing for me.’

But Emmer, who maintained that further investigation was needed, suggested he doubted their intentions.

‘It’s power. They want power. In order for them to get power, they need to be elected. In order for them to get elected, they have to cheat in different ways. And that is exactly what they did,’ Emmer said. ‘If the Somali community is being used by these public officials to get themselves into office…it sure does look suspect, it needs to be investigated.’

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GREGG JARRETT: If Walz is charged in Minnesota fraud scandal, his best defense is incompetence

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Precious metals prices are down on potential for economic fallout from escalating US-Iran War.

Volatility has returned to the precious metals market this past week. All eyes are on the breakout of a full-scale war across the Middle East prompted by a coordinated assault on Iran by the United States and its ally Israel. Oil prices are up, which means inflation risks are once again on the minds of Federal Reserve board members as they contemplate upcoming interest rate decisions.

Let’s take a look at what’s got the precious metals moving over the past week.

Gold price

The price of gold is showing remarkable resilience in the face of strong volatility this past seven very eventful days. On Thursday (February 26), the yellow metal managed an intraday high of US$5,200 per ounce, well above the low of US$4,440 per ounce reached in the first few days of February following US President Donald Trump’s nomination of Kevin Warsh, a former Federal Reserve governor, to replace Jerome Powell as the next Fed chair.

Gold continued this upward trend on Friday (February 27) rising to an intraday high of US$5,270 per ounce. Over the weekend, tensions in the Middle East erupted into a full-scale war as the US and Israel launched a massive military campaign targeting multiple locations across Iran. Consequently, Iran quickly escalated the conflict into a large-scale regional war including missile strikes and drone attacks in Israel, Cyprus, the United Arab Emirates, Saudi Arabia, Qatar, Bahrain and Kuwait.

The events lit a fire of safe-haven demand for gold, pushing prices up over US$5,400 per ounce on Monday (March 2). However, the yellow metal just as quickly reversed course on profit-taking and dropped as low as US$5,263 per ounce before recovering to a close of US$5,328 per ounce.

By Tuesday (March 3), the precious metal had lost further ground, following slightly below the psychologically important US$5,000 mark during morning trading, before finishing the day at US$5,088 per ounce.

Gold was trading back up at US$5,195 per ounce early Wednesday morning, as investors sought to buy the dip–a sign that strong confidence remains in the long-term bullish outlook for the metal. Gold closed the day at US$5,145.24 per ounce as investors balance safe-haven demand with the potential for higher interest rates for longer.

Gold price chart, February 25, 2026 to March 4, 2026.

Gold price chart, February 25, 2026 to March 4, 2026.

Here are the primary drivers for gold this past week:

  • Geopolitical conflict in the Middle East remains the primary driver for safe-haven gold this week. Investors once again flocked to safe-haven gold, pushing the precious metal to near-record highs.
  • Expected profit-taking brought a healthy correction to the gold market, which contributed to the sharp, short-term drop on Tuesday.
  • Investor faith in gold’s long-term value brought on a buy-the-dip sentiment, giving the metal a strong level of support.
  • Concerns that rising oil prices as a result of the US-Iran war will lead to increased inflation is likely to place pressure on the Federal Reserve to delay interest rate cuts until later in the year. This takes a bit of the wind out of the sails for gold prices.
  • The likelihood of interest rates staying pat for longer strengthened the US Dollar and raised 10-year Treasury yields, both of which are also price negative for gold.

In other gold news, the World Gold Council reported that for the first time in more than a decade the Bank of Korea will begin investing in overseas-listed physical gold ETFs.

In gold mining sector news, SSR Mining (NASDAQ:SSRM,TSX:SSRM,OTCPL:SSRGF) has agreed to sell its majority stake in the Çöpler gold mine in Turkey for US$1.5 billion in cash.

Silver price

Silver has also experienced a volatile week of trading influenced by geopolitical tensions and concerns over the Fed’s next monetary policy moves.

Still well below its all-time high of more than US$120 per ounce it reached on January 29, 2026. The white metal traded at an intraday high of US$88.95 Thursday (February 26) before surging as high as US$94.14 per ounce the following day.

For Monday (March 2), silver continued higher to reach US$95.71 per ounce in early morning trading. Tracking gold’s decline, silver prices touched as low as US$86.61 that day before recovering to close at US$89.34 per ounce.

Tuesday’s (March 3) dip saw silver sink as low as US$79.734 per ounce in early morning trading before closing up at US$82.05 per ounce. Silver managed to hold on to those gains Wednesday (March 4) to close the trading day at US$83.56 per ounce

Silver price chart, February 25, 2026 to March 4, 2026.

Silver price chart, February 25, 2026 to March 4, 2026.

As the world’s most electrically and thermally conductive metal, silver is still receiving strong support from industrial demand. The entrenched silver supply deficit also continues to provide a floor of support for the metal’s price.

In silver mining news, major silver producer Fresnillo (LSE:FRES,OTCPL:FNLPF), reported earnings before interest, tax, depreciation, and amortization of US$2.80-billion for the 12 months ended December 31, 2025, up more than 80 percent over the previous year. This allowed the company to payout a total of US$950-million, or 128.92 cents per share, to shareholders for 2025.

Platinum price

Platinum prices were trading well above the US$2,200 mark on Thursday (February 26), reaching as high as US$2287.50 per ounce. Friday brought further gains, with the precious metal pushing up past the US$2,400 per ounce level, although only slightly and very briefly.

However, by Monday (March 2) the price of platinum had slid as low as US$2,291.50 in the morning trade before finishing the day at a four-week high of US$2,325.70 per ounce.Tuesday (March 3) brought further volatility for platinum prices as they sank as low as US$2,015.70 as part of a broader liquidation event in the commodities markets. Yet, platinum managed to swing back slightly above the US$2,100 level by the end of the trading day.

Wednesday (March 4) saw platinum hanging on to those gains and moving upward to close at US$2,165.80 per ounce.

Platinum price chart, February 25, 2026 to March 4, 2026.

Platinum price chart, February 25, 2026 to March 4, 2026.

Platinum prices this week were supported by a March 3 report from the World Platinum Investment Council (WPIC) highlighting the fourth consecutive annual platinum market deficit with a 240,000 ounce shortfall expected in 2026. Although that is much lower than the 1.1 million ounce deficit recorded in 2025.

Demand is being driven by the metal’s essential role in the emerging hydrogen economy. The WPIC reports it sees support for platinum will come from a 7 percent rise in hydrogen stationary applications in 2026.

Palladium price

Palladium also succumbed to the downward trend for precious metals prices this past seven days. On Thursday (February 26), palladium retreated from the one-month highs above the US$1,900 level experienced last week to slip as low as US$1,770.50 per ounce in morning trading and struggled to finish the day close to US$1,800 per ounce. Friday found the metal back up to an intraday high of US$1,856.50 per ounce.

On Monday (March 2), palladium lost ground again, dipping to a low of US$1,781 per ounce before closing out the day at US$1,803 per ounce. However, the following day palladium’s price tracked its sister metals in a runaway slide that brought prices to a low of US$1,631 per ounce. By the end of the trading day it had only managed to claw back to US$1,672 per ounce.

After rebounding to US$1,730 per ounce in early morning trading Wednesday, palladium closed out the day at the US$1,700 level.

Palladium price chart, February 25, 2026 to March 4, 2026.

Palladium price chart, February 25, 2026 to March 4, 2026.

It seems investors are reassessing palladium’s value with a focus on broader economic risks to industrial demand brought about from potential shipping route closures in the Strait of Hormuz.

Market tightness persists due to output disruptions in South Africa and uncertainty over Russian exports, which provide a partial floor for prices.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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