Wall Street heads for losses again as Iran war enters 7th day, sending oil prices up another 6%
BNN Bloomberg
Wall Street was on track to open lower again Friday as oil prices continued to climb, hitting the highest level in nearly two years less than a week since the U.S. and Israel began bombing Iran, one of the world’s top oil producers.
Futures for the S&P 500 and Dow Jones Industrial Average slid 0.7 per cent before the opening bell, while Nasdaq futures fell one per cent.
Benchmark U.S. crude surged 6.8 per cent to US$86.57 per barrel as the war with Iran entered its seventh day. Brent crude, the international standard, gained 4.7 per cent to $89.44 per barrel. Both were trading near their highest levels since April 2024.
If oil prices spike further and remain high, some analysts and investors expect it would weigh on global economic growth. Uncertainty over what will happen with the war has caused frenetic swings across financial markets this week.
Oil prices will hinge on a steady resumption of oil flows through the Strait of Hormuz following disruptions of tanker activities there, ING analysts wrote. Roughly one fifth of the world’s seaborne oil is estimated to flow through the waterway located between Iran and Oman.
The conflict in Iran has also halted exports of Iranian gas to much of Asia. If that stoppage is drawn out, it will likely lead to a bidding war between Europe and Asia that would send energy prices even higher, said Fatih Birol, chief of the International Energy Agency.
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.