Oil Prices Drop Amid Middle East Tensions and Trade Talks

Crude oil prices took a dip on Monday morning despite ongoing tensions in the Middle East. The market pullback was attributed to increased vessel traffic through the Strait of Hormuz and upcoming trade talks between US President Donald Trump and Chinese President Xi Jinping.

The meeting between US Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent, and Chinese Vice-Premier He Lifeng on Sunday set the stage for further discussions during the summit. The trio's focus on trade and AI contributed to gains in soybeans and corn on the Chicago Board of Trade.

Meanwhile, Canadian Prime Minister Mark Carney is expected to attend the 81st Session of the UN General Assembly on Monday, where he may meet with President Trump. However, it remains uncertain whether they will have a meeting. Carney's presence at the UN has sparked expectations that he will call for reform, including changes in how the secretary-general is selected.

The Canadian House of Commons resumed sitting on Monday, with opposition parties planning to question the Liberal government on its budget and trade agreements. The Liberals hold a majority of 173 seats, while the combined opposition holds 164 seats.