Oil Prices Surge Amid Geopolitical Tensions

Global markets took a hit after a series of attacks on energy facilities in the Gulf drove oil prices to near US$100 a barrel. The Canadian dollar strengthened against its U.S. counterpart, while the loonie traded at $1.3799 per US$1.

The pan-European STOXX 600 was down 0.51 percent in morning trading, with Britain's FTSE 100 falling 0.25 percent and Germany's DAX dropping 0.66 percent.

Oil prices hit multiweek highs after Iran-backed Houthis attacked Saudi energy facilities and Tehran threatened the United States with 'economic warfare.'

'The price action reflects both genuine physical tightness, tanker flows through Hormuz remain well below normal, and a clear geopolitical risk premium,' said Tim Waterer, chief market analyst at KCM Trade.