Global Markets Reel as Iran Strike Sends Oil Prices Soaring

Global markets took a hit yesterday as US airstrikes on Iran pushed oil prices to five-week highs, sparking inflation concerns and prolonging a global bond sell-off. The escalation has major implications for investors in Canada.

The Bank of Canada is set to make its rate decision later today, with expectations pointing towards keeping rates steady at 2.25%. Central bank officials are grappling with the impact of an escalating trade war on consumer prices and economic growth.

Oil prices continued their upward trend, with Brent crude futures rising 0.4% to $95.03 a barrel, while West Texas Intermediate (WTI) crude futures advanced 0.25% to $90.45.