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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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Trudeau's Cabinet Faces Major Shakeup as Housing Minister Sean Fraser Steps Down

 

In a significant development, Housing Minister Sean Fraser has announced his decision to step down from the federal cabinet and not seek re-election in his Nova Scotia riding. This move comes as Prime Minister Justin Trudeau prepares for a cabinet shuffle, which could happen as soon as Wednesday.

Fraser, who has been a prominent figure in Trudeau's cabinet, cited family reasons for his departure. The demands of his portfolio have made it challenging for him to spend time with his family in rural Nova Scotia. His exit adds to the list of ministers who have decided not to run in the next election, including Minister of National Revenue Marie-Claude Bibeau, Minister of Sport Carla Qualtrough, and Minister of Northern Affairs Dan Vandal.

Amid these changes, Trudeau's office is making a concerted effort to recruit former Bank of Canada governor Mark Carney to join the cabinet. Carney, who has been approached multiple times in the past, is reportedly more open to the idea now, although no final decision has been made.

Fraser's departure and the potential addition of Carney highlight the ongoing efforts by Trudeau to refresh his cabinet and address the pressing issues facing his government, particularly in the housing sector.



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