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

International Conflict & Economic Impacts

The conflict is reportedly impacting oil transport through the Strait of Hormuz, causing oil prices to surge to $112 USD per barrel, up from approximately $70 USD prior to the conflict. Jet fuel prices are also increasing. Iran has promised to retaliate against strikes conducted by Israel, stating they will use “all its capabilities to make the enemy regret its actions,” according to a spokesman cited in the broadcast.

Reports from Jerusalem, via CBC News correspondent Sasha Petrosik, indicate strikes by Israel have targeted research buildings, airports near Tehran, and intelligence officers. Iranian missile attacks have targeted Haifa, Israel, resulting in multiple injuries and at least four deaths. Arab Gulf states are also experiencing daily attacks from Iran and its proxies, with Iran claiming these attacks will intensify.

Iraq could potentially restore crude oil exports to pre-war levels within a week if the Strait of Hormuz reopens, Reuters reported. Iraqi energy officials stated the country has experienced a significant drop in revenue due to the disruption, with oil production falling by approximately 80% last month. Iran has provided only a verbal guarantee of safe passage for Iraqi tankers.

Humanitarian Crisis in Cuba

The top UN official in Cuba warned of a widening humanitarian crisis due to fuel shortages impacting health, water, sanitation, food systems, education, transport, and telecommunications. The United Nations is reportedly in talks with the U.S. to secure fuel supplies for humanitarian purposes, despite U.S. threats of tariffs on countries supplying oil to Cuba.

Domestic Canadian Issues

In Montreal, an arson investigation is underway following a downtown fire that forced two families from their homes. In British Columbia, police are investigating a spike in grocery store thefts, particularly targeting meat. Police suggest organized crime groups may be exploiting rising prices, reselling stolen goods. One grocery store owner reported confronting thieves with baseball bats to recover stolen merchandise. Authorities advise against confronting thieves and urge the public to report thefts to the police.

Additionally, the broadcast highlighted concerns regarding online sports betting, with a reported 300% increase in young men contacting Ontario’s mental health helpline for gambling-related problems. Former NDP MP Brian Massey, who previously championed the legalization of single-event sports betting, expressed disappointment with the current implementation, stating it has led to an expansion of gambling beyond casinos and lottery organizations.

Finally, the broadcast reported on the potential damage to cherry blossom trees in Vancouver due to tourists seeking photographs, and NATO’s increased focus on Arctic security.