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U.S. President-elect Donald Trump’s vow to impose 25% tariffs on imports from Canada is finally starting to disrupt Canada’s oil industry.

WASHINGTON — The Supreme Court said it won’t hear an appeal from oil and gas companies trying to block lawsuits seeking to hold the industry liable for billions in damage linked to climate change.

The outgoing Democratic administration billed the new sanctions as the most significant to date against Moscow’s oil and liquefied natural gas sectors, the driver of Russia’s economy.

The Texas-based company is accused of discharging hundreds of thousands of gallons of industrial wastewater containing excessive amounts of oil and grease.

U.S. Gulf Coast refineries are operating at their highest capacity for this time of year since 1992 as they capitalize on strong fuel demand from Mexico and Brazil.

The U.S. announced new sanctions on Iran’s oil and petrochemicals sectors in response to the country’s Oct. 1 ballistic-missile attack on Israel.

Oil prices have seen their most volatile start to a month in almost two years as the spiraling tensions between Iran and Israel spur a bumper bout of volatility.

The seaborne flow of oil fell for a fourth straight month in September on the back of hefty declines from Libya, where a political row spilled over into supply disruptions.

The U.S. and Canada have agreed to begin negotiations over claims to an Arctic seabed that may be rich in oil and is of growing strategic importance as Russia and China ramp up their presence.

OPEC+ has staved off an oil surplus this year by deciding to restrain production a little longer. But the temporary fix won’t hold back the supply glut awaiting global markets in 2025.