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Iran Fires on Three Ships in Strait of Hormuz, Sending Markets Into Fresh Turmoil

Co mmercial vessels transit the Strait of Hormuz as regional tensions escalate following reports that Iran fired on three ships, raising fresh concerns for global oil supply and market stability. Iran’s latest escalation in the Strait of Hormuz—firing on three commercial vessels and seizing at least two—has intensified geopolitical risk at one of the world’s most critical energy chokepoints. The attacks, carried out by Iran’s Revolutionary Guard, come just hours after President Donald Trump extended the U.S.–Iran ceasefire indefinitely, though Washington has vowed to maintain its blockade of Iranian ports.  The renewed hostilities underscore the fragility of diplomatic efforts. Iran has not formally acknowledged the ceasefire extension and appears to be leveraging control of the strait—through which roughly 20% of global oil and natural gas flows —to strengthen its negotiating position. The continued closure or disruption of the waterway has already pushed gas and food prices sha...
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Global Outage Sends Markets Tumbling: S&P/TSX and U.S. Indices Drop


The S&P/TSX composite index closed lower on Friday, reflecting a broader downturn in global markets. The index fell by 36.37 points to settle at 22,690.39. This decline was part of a larger trend, as U.S. markets also experienced significant losses.

The downturn was largely attributed to a global outage caused by a faulty software update from CrowdStrike, which affected numerous companies and organizations worldwide. In the U.S., the Dow Jones Industrial Average dropped 377.49 points to 40,287.53, while the S&P 500 and Nasdaq composite indices fell by 39.59 points and 144.28 points, respectively.

The Canadian dollar also saw a slight decrease, trading at 72.85 cents U.S., down from 73.01 cents U.S. on Thursday. Commodity markets were not spared, with crude oil prices dropping by $2.66 to $78.64 per barrel, and gold prices falling by $57.30 to $2,399.10 an ounce.

This market reaction underscores the interconnected nature of global financial systems and the widespread impact that technological disruptions can have on economic stability.


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