[Truth29]

Could this have anything to do with oil or mineral rights or possible resources on the seabed within 200 miles of the island?

[GATOR NAVY]

Could this have anything to do with oil or mineral rights or possible resources on the seabed within 200 miles of the island?

Absolutely without a doubt. There is no other logical reason to be arguing over "a three-kilometre-long stretch of rock and ice in the Nares Strait". It's the same reason China, the Philippines, Malaysia, Vietnam and whoever else fight over reefs in the South China Sea. Once an island is yours, you can claim an Economic Exclusion Zone.