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Hopes Rise for Iran War Deal, but Nuclear Standoff Keeps Global Markets on Edge

  Hopes for Deal to End Iran War Grow, but Nuclear Issues Keep Markets Volatile Growing optimism around a possible agreement to end the Iran war has provided some relief to global markets, but the underlying nuclear disputes remain unresolved — and that uncertainty continues to shape economic sentiment worldwide. Recent signals of progress in ceasefire discussions have already triggered sharp market reactions. Reports of “constructive conversations” between the U.S. and Iran pushed oil prices down and lifted global equities, underscoring how sensitive markets remain to any sign of de‑escalation. The conflict has kept the Strait of Hormuz — a chokepoint for roughly 20% of global oil supply — partially closed, creating what analysts describe as one of the largest energy supply disruptions in modern history.  Even temporary ceasefire announcements have produced dramatic swings. A recent two‑week truce sent global stocks surging and crude prices plunging more than 16%, reflecting ...
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Ottawa Suspends Federal Fuel Excise Tax as Iran Conflict Sends Prices Soaring

The federal government has moved to blunt the latest surge in fuel costs, announcing a temporary suspension of Canada’s federal fuel excise tax as the Iran war pushes global oil benchmarks to their highest levels since 2022. Finance Minister Mark Carney said the measure is designed to “provide immediate relief to Canadians” as geopolitical tensions ripple through global supply chains.

The excise tax—10 cents per litre on gasoline and 4 cents on diesel—has been lifted nationwide for an initial 90‑day period. Ottawa estimates the suspension will save the average driver $6–$10 per fill‑up, with larger savings for rural and northern households who rely heavily on long‑distance travel and diesel‑powered transport.

The move comes as crude prices spike on fears of supply disruptions through the Strait of Hormuz, a critical shipping corridor for global oil flows. Canadian refiners and retailers have already passed higher wholesale costs through to consumers, with pump prices rising 12–18 cents per litre in major cities over the past week.

Economists warn the tax suspension won’t fully offset global price pressures, but it may help prevent another broad inflation flare‑up—especially in transportation, groceries, and home‑heating fuels. Carney said the government is prepared to extend the measure if market volatility persists.

For households already stretched by high borrowing costs and elevated food prices, even modest relief at the pump offers welcome breathing room.

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