Oil Prices Soar Amid Escalating US-Iran Conflict
Global crude oil prices surged on Monday as tensions between the US and Iran escalated following a series of military strikes. The US reportedly attacked Iranian rocket launchers in the Strait of Hormuz, prompting Iran to fire missiles at US targets in Jordan and the UAE.
The conflict marks a significant escalation in the six-month-old war between the two nations, with President Donald Trump previously declaring that the strait was free of mines just days ago. The dispute has also had implications for Canada-US trade talks, which fell apart recently due to last-minute US positions that would have compromised Canadian sovereignty.
The Bank of Canada is set to announce its next interest rate move on Wednesday, with analysts predicting a seventh consecutive rate freeze due to the ongoing uncertainty surrounding trade tariffs and their impact on the economy.