Oil prices extended gains following weekend strikes between the U.S. and Iran, while Canadian trade tensions intensified ahead of retaliatory tariffs on…
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Oil prices extended gains on Tuesday as renewed Middle East hostilities and weekend strikes between the U.S. and Iran raised concerns over a prolonged conflict. Iran's foreign ministry criticized Canada for backing U.S. actions in the Strait of Hormuz, following Ottawa's earlier statements condemning Iranian regional actions and pledging continued pressure.
Inside Iran, authorities increased domestic gasoline prices for the heaviest consumers as the national economy struggled under ongoing financial pressure.
North American trade friction mounted after Canadian aerospace manufacturer Bombardier highlighted its existing U.S. presence in response to demands from Donald Trump that the firm manufacture in America. The exchange occurred on the eve of scheduled Canadian retaliatory tariffs set to target U.S. goods, per CNBC.
In food safety developments, the U.S. Department of Agriculture's Food Safety and Inspection Service announced a recall of imported dry-cured pork jowl products over Listeria contamination risks, per Fox Business.
Financial platform Binance announced plans to adjust funding intervals for multiple perpetual derivative contracts, per Binance Announcements. Markets remain focused on potential supply disruptions in energy corridors and shifting trade barriers.
Sources: 1.