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Commodities

Oil Prices Soar Amid Iran Conflict

Guavy AI Editorial Team
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Oil
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Crude oil prices have hit record highs in the US ahead of the Labor Day holiday, prompting President Trump to claim that post-war oil prices would 'plummet below $2.'

Iran's escalating conflict with the US and Saudi Arabia has disrupted global energy transportation through the Strait of Hormuz, driving up supply risks and pushing crude oil prices above $92 per barrel.

The Canadian dollar is benefiting from the sustained high-level volatility in oil prices, which has pushed the USD/CAD pair back to lower levels.

Ro Khanna, a US congressman, took aim at Trump's claims, saying 'Is this what winning looks like?' as gas prices hit a record $4.14 ahead of Labor Day weekend.

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