Oil Prices Soar Amid Escalating Iran-US Tensions
The global economy is experiencing a heightened sense of tension as oil prices have surpassed $100 per barrel for the first time since July. This surge in oil prices comes amidst escalating tensions between Iran and the US, with Iran attacking US bases again on Wednesday in response to the destruction of several of its oil tankers.
Iran-backed Houthis also launched attacks on energy facilities and cities in Saudi Arabia on Tuesday, further exacerbating the situation. The Strait of Hormuz has seen a significant decrease in traffic as winter months approach for major economies.
The US-Canada trade war is another area of concern, with Washington imposing bans on some Canadian imports in response to Canada's 'dollar-for-dollar' retaliation to US levies. The affected products include Canadian alcoholic beverages, motorcycles, and dairy products.