Trump threatens to ‘massively blow up’ gas field if Iran strikes Qatar again
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Iran intensified its attacks on oil and natural gas facilities around the Gulf on Thursday, raising the stakes in a war that is sending shock waves through the global economy.
Global fuel supplies were already under pressure because of Iran’s stranglehold on the Strait of Hormuz, a strategic waterway through which a fifth of the world’s oil is transported.
The Islamic Republic’s retaliation for Israel’s attack on its South Pars gas field sent fuel prices soaring even higher and risked drawing Iran’s Arab neighbors directly into the conflict.
Israeli Prime Minister Benjamin Netanyahu said late Thursday that, at the request of U.S. President Donald Trump, Israel will hold off on any further attacks the offshore gas field.
Since the U.S. and Israel launched the war on Feb. 28, Iran’s top leaders have been killed in airstrikes and the country’s military capabilities have been severely degraded. Netanyahu said in a televised address that Iran no longer has the ability to enrich uranium or make ballistic missiles, although he did not provide evidence.
Still, Iran -- now led by the son of the supreme leader killed in the war’s opening salvo -- remains capable of missile and drone attacks targeting its Gulf Arab neighbours.
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.
Bank of Canada holds rate at 2.25 per cent as growth weakens and oil-driven inflation risks rise amid geopolitical uncertainty.
U.S. stocks are sinking Wednesday after a discouraging report said inflation was primed to worsen, even before the war with Iran sent oil prices spiking.
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.
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Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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A key question hangs over the Federal Reserve’s two-day meeting that ends Wednesday: Will central bank policymakers still reduce short-term interest rates this year, now that the Iran war has sent oil prices higher and gas prices spiking? Or will they have to stand pat for months to see how the conflict plays out?
Wall Street followed global markets higher Wednesday and the price of U.S. crude fell eased despite a new barrage of attacks by Iran on its Gulf neighbors.
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.