Iran says it will attack Qatar, Saudi Arabia and UAE’s oil and gas infrastructure after offshore field hit
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Israel killed another top Iranian official -- the intelligence minister -- in its campaign against the Islamic Republic’s leadership, and an Iranian offshore natural gas field was struck Wednesday amid the war’s escalating pressure on the region’s economic lifeblood: energy.
Iran has been striking its Persian Gulf neighbours’ energy facilities since the war started on Feb. 28, and has made the Strait of Hormuz shipping channel -- through which one-fifth of the world’s oil travels -- nearly impassable.
The price of oil surged another 5 per cent to over US$108 a barrel on international markets, increasing the price of gasoline and other goods, and squeezing the global economy. The price of Brent crude, the international benchmark for oil, is now up close to 50 per cent since the start of the war.
As the Trump administration looks for ways to boost oil supplies and lower prices, the Treasury Department on Wednesday eased sanctions on Venezuela, saying U.S. companies will be allowed to do business with the country’s state-owned oil and gas company.
After Iranian Intelligence Minister Esmail Khatib was killed in an overnight strike, Israeli Defense Minister Israel Katz promised “significant surprises” to come. A day earlier, Israel killed top Iranian security official Ali Larijani and the head of the paramilitary Revolutionary Guard’s Basij force, Gen. Gholam Reza Soleimani.
Iran retaliated Wednesday by unleashing attacks against Israel, where two people were killed near Tel Aviv. Iran also attacked Saudi Arabia’s vast Eastern Province, home to many of its oil fields, as well as Kuwait, Bahrain, Qatar and the United Arab Emirates.
Jay Allen is a fan of U.S. President Donald Trump, and voted for him on the belief that the Republican would cut taxes and trim regulations, helping his manufacturing business in northeast Arkansas.
Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
Closing arguments are set to kick off Tuesday in a trial pitting Elon Musk against Twitter shareholders who say the world’s richest man engaged in a pattern of deceptive behavior that misled investors as he attempted to back out of his US$44-billion deal to buy the social media platform in 2022.
Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.
St. Patrick’s Day will test restaurant bar sales as Canadians drink less, with declining consumption and shifting habits weighing on industry revenues.
New York Stock Exchange-parent Intercontinental Exchange said on Tuesday it has launched a product to bring greater transparency to the private credit market, an asset class beleaguered by heightened investor concerns.
Oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, White House economic adviser Kevin Hassett told CNBC on Tuesday, reiterating the Trump administration’s position that the war should be over in weeks, not months.
Canada’s annual inflation rate slowed in February to 1.8 per cent, but many economists believe the new Statistics Canada data may be the dip before a spike driven by oil prices and the war in Iran.
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Canadian and U.S. stock markets gained ground on Wednesday as oil prices fell and tech stocks rose on both sides of the border.