$100 Oil: Tensions Between Iran and US Send Prices Soaring

Tensions between Iran and the US are escalating, with oil prices reaching new heights as a result. Brent crude has surpassed $100 per barrel for the first time since July, while natural gas prices have hit three-year highs. The increases come after fresh exchanges in the war, including Iran's attack on US bases on Wednesday in response to the destruction of its oil tankers.

The Strait of Hormuz is seeing reduced traffic, as it typically does during the winter months, but this time due to ongoing tensions and potential disruptions to energy supplies. The situation has also led to a rise in long-term borrowing rates, with the European Central Bank expected to lift interest rates again this week.

Meanwhile, the US has imposed new tariffs on Canadian imports, including alcoholic beverages, motorcycles, and dairy products, as part of its ongoing trade war with Canada. This move is seen as retaliation against Canada's 'dollar-for-dollar' response to previous US levies.