Oil Prices Surge Near $100 as Middle East Tensions Escalate
Oil prices surged to near $100 a barrel on Wednesday as tensions in the Middle East continued to escalate. The conflict between Iran and the US has been ongoing for six months, with both sides exchanging attacks. The Iranian Revolutionary Guard Corps launched strikes at a US base in Jordan, causing damage, but Jordanian officials said most of the missiles were intercepted.
The US Treasury Department's plan to double the buyback sizes of longer-duration debt to $4 billion per operation is due to take effect on Thursday. Analysts predicted that the details of the repurchases would be higher than initially guided, potentially reaching as large as $10 billion.
President Donald Trump signed an order banning a range of Canadian imports, including alcoholic beverages and motorcycles, in response to Ottawa's imposition of retaliatory levies on US items. The restriction will take effect on September 29, straining relations between the two longstanding allies.