Tit for Tat Mood Grips Global Economy Amid Escalating Trade Wars

The global economy is experiencing a 'tit for tat' mood, driven by escalating tensions in the Middle East and a deepening trade war between the US and Canada.

Oil prices have surpassed $100 per barrel for the first time since July, while Brent crude has risen back toward triple-digit territory. This comes as Iran attacked US bases again on Wednesday, following the destruction of several Iranian oil tankers by the US. The Iran-backed Houthis launched attacks on energy facilities and cities in Saudi Arabia on Tuesday.

The trade war between the US and Canada continues to escalate, with Washington imposing new tariffs on Canadian imports in response to Ottawa's 'dollar-for-dollar' retaliation. The bans target a range of Canadian products, including alcoholic beverages, motorcycles, and dairy products. This move is seen as a significant escalation of the trade tensions between the two nations.