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Iran–U.S. Gulf Strikes Escalate: What It Means for Your Canadian Wallet

  The Persian Gulf is on edge again — and this time, the ripple effects are showing up at Canadian gas pumps and grocery stores. On Wednesday, June 3, Iranian drones struck Kuwait's main airport, temporarily shutting it down and killing one person. The U.S. military struck back, targeting an Iranian military ground control station on Qeshm Island in the Strait of Hormuz. It is the latest in a series of back-and-forth military exchanges that are pushing a fragile ceasefire to the breaking point. What Is Happening Right Now? Iran's paramilitary Revolutionary Guard confirmed it targeted U.S. military facilities — including the headquarters of the Navy's 5th Fleet in Bahrain — in retaliation for American strikes on Iranian territory. The U.S. responded with strikes on Qeshm Island. Meanwhile, semiofficial Iranian news agencies reported that Tehran has halted communications with ceasefire mediators, saying it wants the fighting in Lebanon resolved before any broader truce can be...
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Iran Seizes Oil Tanker Involved in US-Iran Dispute in Gulf of Oman

 



Iranian navy has seized an oil tanker in the Gulf of Oman that was at the center of a major US-Iran crisis. The vessel was once known as the Suez Rajan and had been involved in a yearlong dispute that ultimately saw the U.S. Justice Department seize 1 million barrels of Iranian crude oil on it. 

The tanker was carrying Iraqi crude oil intended for Turkey. The seizure comes as a response to the previous year’s seizure of the same vessel by the United States. The ship was reportedly confiscated by Iran as the result of a court order. The incident occurred early in the morning in the waters between Oman and Iran in an area transited by ships coming in and out of the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil traded passes. The vessel was boarded by armed men and the ship’s security officer heard unknown voices on the phone . The tanker had been off the city of Basra, Iraq, loading crude oil bound for Aliaga, Turkey, for the Turkish refinery firm Tupras. The ship was identified as the oil tanker St. Nikolas.


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