Iran War Continues to Dominate Global Energy Markets

Iran's war with the United States continues to dominate international headlines, with civilian casualties rising and oil prices holding steady near US$95 a barrel.

The conflict has global implications, particularly for energy markets, which are under pressure due to disruptions in the Strait of Hormuz. Brent crude was trading at around US$95 a barrel on Thursday morning.

For Northwestern Ontario, the key concern is diesel fuel prices, as they have significant impacts on industries such as mining, forestry, trucking, and construction.

In Canada, the Bank of Canada has shifted its interest-rate outlook, warning that further increases may be needed if energy-driven inflation persists. The bank held its benchmark rate at 2.25 per cent on Wednesday but cautioned that rates could rise if inflation remains too high.