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  Wednesday, July 8, 2026 Global markets are on edge this morning after U.S. President Donald Trump told reporters at the NATO summit in Ankara, Turkey, that he believes the ceasefire between the United States and Iran is “over,” following renewed strikes in the Middle East. The comments came after the U.S. carried out fresh strikes on Iran overnight in response to attacks on three commercial vessels in the Strait of Hormuz, and Iran's Revolutionary Guard said it struck American targets in Bahrain and Kuwait in retaliation. The escalation has sent oil prices sharply higher, pulled North American futures lower, and pushed government bond yields up around the world. 🍁 Canada: TSX Closes Higher, Energy in Focus at the Open The S&P/TSX composite index closed Tuesday's session up 60.27 points at 35,272.59, outperforming its U.S. counterparts as a rotation into energy and financials offset weakness tied to the global tech selloff. With crude prices spiking again overnight on the...

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Red Sea Shipping Crisis Worsens After US and UK Strike Yemen

 

The Red Sea, a vital waterway for global trade, has become a hotspot of conflict and insecurity after the US and UK launched airstrikes against Houthi rebels in Yemen, who have been attacking commercial vessels with missiles and drones.

The airstrikes, which began on Thursday, were a response to the 27th Houthi attack on shipping since November, according to the US military. The Houthis, who are backed by Iran, have been targeting ships in the southern Red Sea and the Bab al-Mandab Strait, a narrow passage that connects the Red Sea to the Gulf of Aden.

The escalation of violence has disrupted the flow of oil, gas, grains, and manufactured goods through the region, which accounts for about 12% of global seaborne trade. Many shipping companies have suspended or diverted their operations, opting for the longer and more costly route around Africa. Some insurers have also raised their premiums or restricted their coverage for vessels passing through the area.

The shipping crisis has added to the humanitarian catastrophe in Yemen, where a civil war has been raging since 2015. The UN estimates that more than 20 million people are in need of humanitarian assistance, and that millions are on the brink of famine. The airstrikes have also raised fears of a wider regional conflict, as Iran and its allies clash with the US and its allies over various issues, including the nuclear deal and Israel’s war in Gaza.

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