OTTAWA – The U.S.-led conflict with Iran is continuing to impact global markets and travel, according to a CBC News broadcast. The conflict, now in its sixth week, has effectively closed the Strait of Hormuz, a critical waterway for oil and gas transportation, where approximately a fifth of the world’s supply passes through.

Oil Prices Surge

Oil prices have risen sharply, reaching $112 U.S. per barrel, a significant increase from roughly $70 per barrel before the conflict began. This surge is driving up jet fuel costs, prompting Canadian airlines – including WestJet, Air Canada, Porter, and Air Transat – to implement fuel surcharges and additional fees on some bookings. While Canadian airlines currently have sufficient fuel supply, passengers are facing higher ticket prices.

U.S. Threats and Iranian Response

The U.S. president has threatened to escalate attacks if the Strait of Hormuz is not reopened, stating, “We can bomb the hell out of them. We can knock them out for a loop.” However, the presenter noted that closing the strait requires minimal effort from Iran. Donald Trump has also issued an ultimatum, promising to strike Iranian bridges and power plants if a deal is not reached by Tuesday night.

According to the broadcast, a spokesperson for the Iranian Revolutionary Guard dismissed Trump’s threats as “baseless” and vowed to continue offensive operations. Iran has presented a 10-point plan to end the war, which the U.S. has rejected, though negotiations are reportedly ongoing.

Rescue Mission Details

The CBC News broadcast also detailed a U.S. rescue mission inside Iran to recover two American service members after their fighter jet was shot down. One pilot was rescued quickly, while the second crew member survived for hours in rough terrain, treating his own injuries and contacting U.S. forces before being rescued.

Iran has warned that it will retaliate “more crushingly and extensively” if the U.S. attacks civilian infrastructure. Israeli jets have already targeted Iran’s largest petrochemical facility, part of the Pars gas field in the Persian Gulf, with Israel stating it will continue to strike Iranian national infrastructure.