TORONTO – Escalating tensions between the U.S. and Iran are impacting global markets and travel, according to a CBC News broadcast on Monday.

Economic Impacts of the Conflict

The conflict, now in its sixth week, is effectively closing the Strait of Hormuz, a critical waterway for oil and gas transport. This has caused oil prices to surge to $112 USD per barrel, up from approximately $70 USD before the conflict began. Jet fuel prices are also increasing, leading Canadian airlines to implement fuel surcharges and fare increases. Despite these increases, Canada is expected to maintain a stable supply of jet fuel, unlike some overseas locations.

According to the broadcast, 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, it was noted that disrupting the strait requires minimal effort, “all you need is one terrorist.”

U.S. Response and Rescue Mission

The U.S. President is reportedly considering targeting Iranian civilian infrastructure if a deal is not reached by Tuesday evening, warning that such action could cause “complete demolition” within four hours. Iran’s Revolutionary Guard responded with defiance, stating that the U.S. President’s threats would not affect their offensive.

The broadcast also detailed a U.S. military rescue mission inside Iran, where two American service members were recovered after their fighter jet was shot down. The pilot was rescued shortly after the crash, while the second crew member survived for hours in rough terrain, treating their own injuries and contacting American forces for extraction. A U.S. defense secretary reportedly compared the rescue to the resurrection of Jesus.

Other Developments

Reuters reports that Iraq could restore crude oil exports to pre-war levels within a week if the Strait of Hormuz reopens. However, Iraqi officials state that Iran has only provided a verbal guarantee of safe passage for Iraqi tankers.

The UN official in Cuba has warned of a widening humanitarian crisis due to fuel shortages impacting essential services. The U.S. has threatened tariffs on countries supplying oil to Cuba, though one Russian delivery was recently permitted.

In Canada, police in British Columbia are investigating a spike in grocery store thefts, particularly of meat, potentially linked to organized crime taking advantage of rising prices. A grocery store owner in Vancouver stated he now confronts thieves with a baseball bat to recover stolen goods.

Finally, CBC News reported on the return of Savannah Guthrie to her hosting duties after a two-month search for her missing mother.