Oil prices soar and stock prices fall as U.S.-Israel war with Iran rattles markets
BNN Bloomberg
The U.S. and Israeli attacks on Iran rattled world markets on Monday, with U.S. futures falling more than 1% and oil prices soaring, though gains for defense contractors and oil companies helped limit losses in Asian trading.
The futures for the S&P 500 and Dow Jones Industrial Average sank 1.7%.
The price of a barrel of U.S. benchmark jumped 9% to $73 per barrel. Brent crude jumped nearly 10% to nearly $80 per barrel.
European markets opened sharply lower. Germany’s DAX dropped 2.2% to 24,737.47, while in Paris the CAC 40 lost 1.9% to 8,413.91. Britain’s FTSE 100 slipped 1% to 10,800.63.
Shares fell in most Asian markets but they rose in Shanghai, where higher oil prices lifted some oil company stocks such as CNOOC, China Petroleum & Chemical and PetroChina to the 10% limit.
The Shanghai Composite index climbed 0.5% to 4,182.59, while in Hong Kong, the Hang Seng lost 2.1% to 26,059.85.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.