Iran-US Conflict Escalates as Oil Prices Soar
The conflict between Iran and the US continues to escalate, causing oil prices to rise. The latest round of strikes saw the US launch attacks on Iranian targets, which Tehran claimed was met with a retaliatory operation targeting American assets in the region.
Oil prices have climbed higher as a result of the military escalation, with Brent crude futures reaching $94.52 a barrel and U.S. WTI futures hitting levels not seen since July.
Russian President Vladimir Putin voiced support for Iran at a regional security meeting, saying his country would try to help Tehran in its war with the US. The Shanghai Cooperation Organization summit brought together leaders from China, India, and Russia, who condemned the military strikes on Iran in a joint statement.
Canadian Prime Minister Mark Carney criticized the Trump administration for 'doing memes' and urged Washington to stop trying to be tough if it wants serious trade talks. He made these comments in response to a reporter's question about Trump officials mocking Canada's military in social media posts and comments, and President Donald Trump signing an executive order directing the renaming of Lake Ontario to 'Lake America' for federal government use.
The Iran-US conflict is affecting the financial markets, with investors repricing oil, bonds, and considering a hawkish Fed. The Federal Reserve Governor Michael Barr said he'd support a rate hike if inflation appears not to be moderating sufficiently, echoing recent speech from Fed Chair Kevin Warsh.