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Oil prices have surged as stocks and bonds wobble, according to Google Trends Canada data. Meanwhile, Yemen's Houthis have seized territory near the Bab al-Mandab Strait, threatening a key global trade gateway for oil and shipping.
Rising petrol and oil costs will squeeze household budgets and global economic stability, with prices expected to stay elevated through the US election.
Iran-backed Houthi rebels attacked four Saudi Arabian cities with drones and missiles, wounding over 70 people and igniting oil installations. Saudi Arabia vowed retaliation, while global oil prices rose and TSX futures slipped on weaker gold prices.
Ukraine's sustained drone strikes on Russian refineries have crippled domestic fuel production, compelling Russia to import oil from NATO member Turkey and other nations.
The agreement would grant the US majority control of over 65 billion barrels of proven Venezuelan oil reserves, Trump said. Deal that will reportedly see US take control of 65bn barrels of Venezuelan oil has provoked outrage in her country Venezuela’s interim president, Delcy.
Watch: Why is the US-Venezuela oil deal so controversial?
Six months into the US-Iran war, Somali piracy has surged with 13 attacks since January and two ships seized in four days. The conflict has also caused significant oil price fluctuations as visualized by The Guardian.
