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 Iran Sets Tough Ceasefire Terms

Iran has responded to a US ceasefire proposal with a sweeping set of counter-demands, insisting on the closure of all US military bases in the Gulf, the lifting of all sanctions, an end to the Israeli campaign against Hezbollah, financial compensation for war damage, and a formal framework granting Tehran the right to collect transit fees from ships passing through the Strait of Hormuz — even as its military publicly mocked the entire negotiating exercise.

The counter-demands came in response to a 15-point ceasefire plan the Trump administration delivered to Iran through Pakistani intermediaries on Monday morning — several hours before Trump publicly revealed that talks were even taking place. 

You can read more on the matter here.

What’s going on?

• Philippines Declares State of National Energy Emergency Amid Middle East Crisis (theDeepDive)

• New Brunswick government hoping to restart critical mineral mine south of Fredericton (CTV)

• Ontario Extends 13% HST Relief To New Homes (theDeepDive)

• Ontario planning to remove HST on new homes for 1 year (CBC)

• Ukrainian Drone Strikes Halt Russian Oil Exports at Baltic Ports Amid Escalating Conflict (theDeepDive)

• Carney ‘disappointed’ in Air Canada CEO’s English-only condolence video (Globe)

• Iran War Pushes Philippines Toward China in South China Sea Energy Talks (theDeepDive)

• Federal Reserve Posted Loss of $18.7 Billion in 2025 (WSJ)

• Iran Rejects Witkoff and Kushner, Insists Vance Lead Ceasefire Talks (theDeepDive)

• Venezuela oil production has reached 1.1 mln bpd in March (Reuters)

• Iran Now Charges Up to $2 Million for Hormuz Passage (theDeepDive)

What’s the latest?

• Real Estate: Canadian developers are offering aggressive incentives to boost slow housing demand, including Mattamy covering up to 1 year of mortgage payments (capped ~$50K on ~$1.02M homes) to attract ~200–300 buyers. Other perks include covering taxes/utilities (~$12.5K), fees, or upgrades, as builders avoid price cuts and instead target cash-flow relief. The trend reflects weak market conditions, with buyers still hesitant despite lower rates, pushing developers toward creative incentives to move inventory.

• Trans Mountain: Canada’s Trans Mountain pipeline launched an Open Season (Apr 7–Jun 2) to secure contracts, targeting 80–90% utilization of its 890,000 bpd capacity. Planned expansions include +90,000 bpd by early 2027 and +210,000 bpd by end-2028, raising total capacity to ~1.19M bpd. The government-owned pipeline moves Alberta oil to B.C.’s coast for export to global markets.

• Markets: Markets rose despite geopolitical tensions, with S&P/TSX +291.29 to 32,232.88 and U.S. indexes up (Dow +225.51; S&P 500 +29.38; Nasdaq +154.49). The Canadian dollar weakened to 72.44¢ USD (from 72.67¢), while oil fell $3.33 to $89.02/barrel and gold jumped $145.90 to $4,547.90/oz.

• Tech: President Donald Trump appointed top tech leaders including Mark Zuckerberg (Meta), Larry Ellison (Oracle), Jensen Huang (Nvidia), Sergey Brin (Google), and Lisa Su (AMD) to the President’s Council of Advisors on Science and Technology (PCAST) to shape U.S. AI policy. The council, with 13 initial members (up to 24 planned), supports efforts to accelerate AI development and compete with China, alongside a broader push involving trillions in industry investment.

• Gas: Gas prices remain volatile, dropping ~13¢ to ~$1.65/L before an expected +5–7¢ rebound, driven by uncertainty around the Iran war and U.S. policy signals. Analysts note seasonal factors like summer fuel blends (+~3¢) also add pressure, while prices continue reacting rapidly to geopolitical developments. The instability is influencing consumer behavior, with drivers trying to time purchases amid unpredictable swings.

Why Gold’s in a Crisis and Silver Could Explode

The stock market and stuff

• OpenAI Shuts Down Sora as Disney Deal Collapses (theDeepDive)

• Road to SpaceX IPO: Musk Unveils ‘Terafab’ Chip Factory in Austin With No Timeline (theDeepDive)

• Tumbling gold price puts ‘haven’ status in doubt (FT)

• BMO, CME, And Google Cloud Launch Tokenized Cash Platform (theDeepDive)

• Enbridge Not Ruling Out New Alberta Pipeline Amid Talks (theDeepDive)

In the juniors

• Lithium Ionic De-Risks Bandeira Project With Two Offtake Agreements (theDeepDive)

• Golden Cariboo Resources Completes 754 m Drill Hole Ending in Mineralization and Applies to Register Additional Mineral Claims (JMN)

• Selkirk Copper Assays 4.0% Copper Equivalent Over 8.1 Metres At Minto (theDeepDive)

FULL DISCLOSURE: Northern Superior is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Northern Superior. The author has been compensated to cover Northern Superior on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.