President Donald Trump said the Iran war is likely to end after the November midterm elections and predicted oil prices would fall afterward. His remarks came as oil hit $100 a barrel and U.S.-Iran hostilities intensified.
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The Treasury Department’s plan to buy up to $6 billion in long-term government bonds failed to bring down yields Wednesday. The move came as investors focused on inflation, the war in Iran and the U.S. national debt surpassing $40 trillion.
Oil rose above $100 a barrel as renewed U.S.-Iran fighting and attacks on regional energy infrastructure heightened fears of supply disruption. Gasoline prices also climbed, adding political and economic pressure as the conflict remains unresolved.
Trump ordered import bans on Canadian alcohol, some vehicles, dairy products and other goods after Canada’s retaliatory tariffs on U.S. products took effect. The measures deepen a trade dispute that has already halted negotiations between Washington and Ottawa.
Brent crude neared $100 a barrel after attacks on Saudi energy assets and continued disruptions around Middle East shipping routes. Goldman Sachs and HSBC warned prices could rise to about $120 if flows through the Persian Gulf remain constrained.
Iran has doubled gasoline prices for motorists who use more than 110 liters a month, the second increase since December. Officials say the move affects 15% of consumers, but residents fear it will worsen inflation and daily costs.
Canada’s retaliatory tariffs on nearly $20 billion in U.S. goods took effect Tuesday, intensifying a trade fight after talks collapsed. The measures cover more than 700 products and come as both governments exchange warnings and threats of further restrictions.
Trump said Bombardier should no longer sell planes in the United States unless it builds them there, intensifying a trade dispute with Canada. Bombardier and Sen. Jerry Moran pointed to the company’s U.S. jobs, facilities and supply chain.