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Flames on the Water: Iranian Strikes Challenge Trump’s Victory Claim

anian explosive-laden boats appear to have attacked two fuel tankers in Iraqi waters setting them ablaze. Iranian attacks on oil infrastructure have intensified across the Middle East, directly contradicting President Donald Trump’s assertion that the U.S. had already “won” the conflict. Multiple reports confirm that two foreign oil tankers were set ablaze in Iraqi waters after being struck by suspected Iranian explosive‑laden boats, escalating regional tensions and disrupting vital energy routes. The strikes have triggered significant economic and geopolitical ripples. Oil prices surged sharply—at times nearing or surpassing $100 per barrel —as Iran warned the world to prepare for prices as high as $200 per barrel . The attacks also forced the shutdown of Iraqi oil port operations and prompted nearby nations to reposition vessels for safety.  Iran’s actions appear designed to demonstrate its continued military reach and strategic leverage, directly undermining Trump’s narrative...
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Canadian Stocks Edge Higher, U.S. Markets Slip on Last Trading Day of 2023

 

Canadian stocks closed slightly higher on Friday, the last trading day of 2023, as gains in the industrials and utilities sectors offset losses in the energy and materials sectors. The S&P/TSX composite index rose 29.06 points, or 0.14%, to end at 20,958.44, capping off a year of strong performance amid the recovery from the pandemic.

Meanwhile, U.S. markets dipped as investors took profits and weighed the impact of the Omicron variant on the economic outlook. The Dow Jones industrial average fell 20.56 points, or 0.05%, to 37,689.54, while the S&P 500 index dropped 13.52 points, or 0.28%, to 4,769.83. The Nasdaq composite index, which is heavily weighted with technology stocks, declined 83.78 points, or 0.56%, to 15,011.35.

The Canadian dollar traded lower against its U.S. counterpart, as the greenback strengthened on the back of higher Treasury yields. The loonie was down 0.08 cents at 75.61 cents US.

In commodities, oil prices edged lower as the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to stick to their plan of gradually increasing output in January, despite concerns over the demand outlook. The February crude oil contract was down 12 cents at US$71.65 per barrel. Natural gas prices also slipped, with the February natural gas contract down four cents at US$2.51 per mmBTU.

Gold prices fell as the appetite for safe-haven assets waned, while copper prices also dropped amid a stronger U.S. dollar. The February gold contract was down US$11.70 at US$2,071.80 an ounce and the March copper contract was down three cents at US$3.89 a pound.

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