President Trump Discusses U.S. Blockade of Iran's Ports Amid Rising Oil Prices
President Trump has engaged in discussions with U.S. oil companies to address the potential impact of a prolonged U.S. blockade of Iran's ports. This development comes as the price of oil, a significant export for Canada, surged nearly 7% to $106.88 per barrel. The increase in oil prices is attributed to stalled negotiations between the U.S. and Iran, raising concerns about extended disruptions in Middle Eastern oil supply. Concurrently, the U.S. dollar strengthened against a basket of major currencies, as traders speculated that the Federal Reserve would maintain current interest rates. The Bank of Canada, meanwhile, kept its key interest rate steady at 2.25%, but indicated that sustained high oil prices could necessitate consecutive rate hikes to manage inflation. 
