"Oil prices made the leap as Iran struck the U.S. embassy in Saudi Arabia, part of a widening of targets that also includes areas critical to the world's oil and natural gas production. Worries are particularly high about what will happen to the Strait of Hormuz off the coast of Iran, a narrow passageway where roughly a fifth of the world's oil passes."
"The S&P 500 dropped 1.8 per cent in early trading. The Dow Jones Industrial Average was down 907 points, or 1.9 per cent, as of 9:35 a.m. ET, and the Nasdaq composite was 2.1 per cent lower. The S&P/TSX Composite was down more than 1,000 points in early trading."
"Making things uncertain for markets are rising questions about how long this war may continue. Strikes by the United States and Israel have already killed Iranian Supreme Leader Ayatollah Ali Khamenei, but President Donald Trump has suggested that fighting may continue for weeks."
Stock markets worldwide experienced significant declines on Tuesday as geopolitical tensions intensified between Iran and the United States. Major indices fell sharply: the S&P 500 dropped 1.8%, the Dow Jones fell 1.9%, and the Nasdaq declined 2.1%. Oil prices surged dramatically, with Brent crude jumping 8.2% to $84.14 per barrel and U.S. crude rising 8% to $76.92. The price spike followed Iranian strikes on the U.S. embassy in Saudi Arabia and threats to critical oil and gas infrastructure. Particular concern centers on the Strait of Hormuz, where approximately one-fifth of global oil passes. Uncertainty about the conflict's duration, with President Trump suggesting potential weeks of continued fighting, further unsettled markets and raised inflation concerns for households and businesses.
Read at www.cbc.ca
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