TORONTO – Tensions between the U.S. and Iran continue to escalate, impacting global markets and travel, according to a CBC News broadcast on Monday.

U.S.-Iran Conflict and Economic Impacts

The conflict, which is 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, prompting Canadian airlines – WestJet, Air Canada, Porter, and Air Transat – to implement fuel surcharges or additional fees on some bookings. While Canadian airlines currently have sufficient fuel supply, they will be paying the higher global price. U.S. President Donald Trump has threatened further escalation, stating he could target Iranian civilian infrastructure if a deal isn’t reached by a Tuesday deadline.

Prediction Markets Under Fire

The broadcast also highlighted growing concerns surrounding prediction markets, where users bet on the outcome of future events. A prediction market account called MAGA My Man reportedly made $515,000 on the Iran strike, 71 minutes before the news became public. While binary options trading is prohibited in Canada since 2017, users can circumvent these rules using VPNs. Fintech company Wealthsimple recently received approval to operate a limited prediction market, with restrictions on bets related to elections, political events, unlawful activities, and short-term contracts (under 30 days). Experts, such as Werner Antweiler from UBC, warn that large bets can manipulate market signals and potentially influence event outcomes, raising concerns about influence peddling. U.S. lawmakers have introduced a bill to ban sports event contracts and casino-style games on these platforms, and Arizona’s attorney general has filed criminal charges against Kalshi for operating an illegal gambling business. Polymarket and Cauchy are responding to the pressure by cracking down on insider trading and preemptively blocking bets from sports figures and politicians.

Canada’s Housing and Labour Shortage

Domestically, CBC News reported on a significant shortage of construction workers in Canada, potentially hindering Ottawa’s plan to build 4 million new homes by 2031. Approximately 250,000 skilled trades professionals are expected to retire in the coming years. The report highlighted potential solutions, including increased automation and efforts to attract more people to the trades.

Other News

The broadcast also featured a segment on Regé, an Atlantic harbour seal at the New England Aquarium in Boston, who has developed an affection for rubber ducks, and an update on the Artemis II mission, which has successfully slingshotted around the moon, travelling farther from Earth than any previous mission.