US-Iran Conflict Sends Crude Oil Prices Soaring Amid Escalating Trade Tensions
Global markets saw a sharp spike in crude oil prices on Monday after reports emerged of a US attack on Iranian rocket launchers in the Strait of Hormuz. In response, Iran fired missiles at US targets in Jordan and the UAE.
The move marked an escalation in the six-month-old conflict between the two nations, which had seen a lull until the weekend. President Trump had recently declared that the strait was now free of mines, but the latest development sent shockwaves through global markets.
Meanwhile, the US and Canada's trade talks have fallen apart after the introduction of last-minute positions by the US that would have impinged on Canadian sovereignty. Analysts believe that the Bank of Canada will maintain its course with a seventh-consecutive rate freeze being most likely due to the uncertainty surrounding the tariffs imposed by both nations.