Futures rise on oil bullishness
TSX futures managed a slight gain on Monday, following the U.S. siding with Israel and bombing Iranian nuclear facilities on Saturday evening, officially entering the ongoing war between the two Middle Eastern countries. The conflict is expected to lift oil prices higher, and with them energy stocks, which make up approximately 15 per cent of the TSX index. Market Numbers (Futures)
TSX: Up (0.2%), 26,550.56.
TSXV: Down (0.67%), 711.18 (June 20).
DOW: Up (0.27%), 42,438.
NASDAQ: Down (0.27%), 21,805.25.
FTSE: Down (0.81%), 8,758.31.
The U.S. economy could face a 'war shock' as rising oil prices threaten to reignite inflation and disrupt growth. The main catalyst behind this thesis concerns the potential disruption of the Strait of Hormuz, under Iranian control, which grants passage to 25 per cent of global oil and 20 per cent of natural gas.
In other commodity news, copper major Teck Resources is actively pursuing the expansion of its germanium operations, including ongoing discussions with the Canadian and U.S. governments. Germanium is a strategic military metal essential for semiconductors, solar cells and fibre optic systems. Currencies (Futures)
US: Down (0.41%), US$0.7249.
Euro: Up (0.08%), €0.6322.
GBP: Up (0.13%), £0.5419.
JPY: Up (0.72%), ¥107.10.
Bitcoin: Up (0.69%), C$139,699.29.
(Conversion to C$1) Commodities (Futures)
Natural Gas: Down (1.16%), US$3.85.
WTI: Up (0.84%), US$74.49.
Gold: Up (0.29%), US$3,378.53.
Copper: Up (0.063%), US$4.8016.
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Canada News.Net
an hour ago
- Canada News.Net
Oil surge, market jitters expected after U.S. hits Iran facilities
NEW YORK CITY, New York: The U.S. bombing of Iranian nuclear sites has cast a shadow over global markets, with investors bracing for a sharp spike in oil prices and a potential flight to safety when trading resumes next week. Though Sunday saw a relatively muted response in Gulf equity markets, analysts and fund managers said the escalation marked a turning point, dragging the United States directly into the Israel-Iran conflict and raising the prospect of broader economic fallout. In a national address, U.S. President Donald Trump declared the strike a "spectacular military success," saying Iran's key nuclear enrichment facilities had been "completely and totally obliterated." Trump warned of further military action unless Tehran agrees to a peace deal. Iran responded sharply, vowing "everlasting consequences." Foreign Minister Abbas Araqchi said from Istanbul that Tehran would consider diplomacy only after retaliation. The broader market reaction will hinge on Iran's next steps. "Much depends on how Iran responds in the coming hours and days," said Saul Kavonic, energy analyst at MST Marquee. He warned that Tehran could strike U.S. interests or disrupt oil flows through the Strait of Hormuz — a vital corridor for global energy trade. "This could set us on a path towards $100 oil," he added. The Strait lies between Iran and Oman and is the main export route for Gulf oil producers like Saudi Arabia, Iraq, and Kuwait. A disruption there could have sweeping consequences for inflation and global supply chains. Even before the U.S. attack, Brent crude had climbed 18 per cent since June 10, reaching $79.04 — a five-month high. A further surge could complicate central banks' efforts to tame inflation and delay expected interest rate cuts. "I think oil will open higher," said Mark Spindel of Potomac River Capital, adding that the lack of a clear endgame would weigh on investor sentiment. "We're engaged. And uncertainty will blanket the markets." Retail investor confidence may already be wobbling. Ether, the second-largest cryptocurrency, dropped 8.5 per cent on Sunday, down 13 per cent since Israel's initial strikes on Iran on June 13. Despite the tensions, Gulf stock markets appeared largely unshaken. Benchmarks in Qatar, Saudi Arabia, and Kuwait were flat or slightly up. Israel's Tel Aviv 125 index touched a record high. Still, some see a path to resolution. Jamie Cox of Harris Financial Group said the attack might force Iran into negotiations. "With this demonstration of force... they've lost all of their leverage," he said. "They'll likely hit the escape button to a peace deal." History offers some reassurance: past Middle East flareups, like the 2003 Iraq war and the 2019 Saudi oil facility attack, triggered brief equity selloffs, but markets recovered within months.
Vancouver Sun
2 hours ago
- Vancouver Sun
What is the Strait of Hormuz, and what would it mean for Iran to close it?
Among the many concerns surrounding the ongoing conflict involving Israel, Iran and the United States is the state of the Strait of Hormuz, a vital shipping lane for much of the world's oil and natural gas. Here's what to know. The Strait of Hormuz is a narrow channel of water that connects the Persian Gulf with the Arabian Sea (and beyond that the Indian Ocean). It is bounded on one side by Iran, and on the other by Oman and the United Arab Emirates. About 167 kilometres long, it is only about 50 kilometres wide at its entrance and exit, and just 33 kilometres across at its narrowest point. Since territorial waters typically extend 22 kilometres from the mainland, this puts part of the strait in both Iranian and Omanian waters. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. According to CBS News , more than a quarter of all oil shipped by sea in 2024 and the first quarter of 2025 travelled through the Strait of Hormuz. This amounted to about one-fifth of all oil and petroleum consumption worldwide. The strait also accounted for about one-fifth of the world's liquefied natural gas (LNG) trade last year. Close to 40 per cent of the oil that has passed through the strait daily came from Saudi Arabia — the most of any country — while most of the LNG was from Qatar. Other oil-producing nations that use the strait include Iran, Iraq, Kuwait, Saudi Arabia and the UAE. A report by Britain's Guardian newspaper notes that the most likely disruption would be in the form of mines laid in the shipping channel and primed to explode or launch a rocket from the seabed if they detect passing traffic. However, it notes that laying the mines would be a dangerous job, since any attempt to do so would likely come under attack from American and/or Israeli forces. Sir Alex Younger, former head of the U.K.'s intelligence agency MI6, told the BBC that a blockade of the strait by Iranian ships was another possibility, adding: 'Closing the strait would be obviously an incredible economic problem given the effect it would have on the oil price.' It's worth noting that Iran has repeatedly threatened over the years to close the Strait of Hormuz, but has never actually done so. The nearest it came was in the late 1980s, when so so-called 'tanker war' saw attacks on Kuwaiti and other oil tankers. This led to U.S. warships escorting tankers through the region for a while. Opher Baron , a distinguished professor of operations management at the Rotman School of Management at the University of Toronto, said that closing the strait could harm Iran's economy as well as others. 'There are ways to let your ships go through when you close it but it's complicated,' he said. On the other hand, he noted that Iran 'has its back to wall, more than past events. They may now take steps that they didn't take in the past.' Others are less concerned. An analysis by Reuters noted that, since the 1980s, several overland pipelines have come online in the region leading to the Red Sea port city of Yanbu, Saudi Arabia, and the Fujairah oil terminal in the UAE, which is just outside the Strait of Hormuz. Oil prices are already up over the uncertainty caused by the U.S. attack on Iran . Baron said the longer the conflict continues, the higher prices will go, and that a blockade of the strait could cause an even sharper spike. 'The uncertainly that it adds … is going to create some increases in price, and I think this will stay for quite a while,' he said. Gas prices have already risen in the past week, in part due to the threats in the region. 'A step like this is escalating things rather than de-escalating it,' he said. 'So I'm afraid it's going to have a longer impact, and we could see gas prices 20, 30 per cent that what they were a couple of weeks ago.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our newsletters here .
Cision Canada
3 hours ago
- Cision Canada
LifeSpeak Inc. Announces Voting Results from Special Meeting of Shareholders
TORONTO, June 23, 2025 /CNW/ - LifeSpeak Inc. (" LifeSpeak" or the " Company") (TSX: LSPK), the leading whole-person wellbeing solution for employers, health plans and other organizations, is pleased to announce the positive outcome of the shareholders' vote at today's special meeting (the " Meeting") of the holders (" Shareholders") of common shares in the capital of the Company (" Shares"). At the Meeting, Shareholders passed a special resolution (the " Arrangement Resolution") approving the previously announced statutory plan of arrangement under Section 192 of the Canada Business Corporations Act (the " Arrangement"), pursuant to an arrangement agreement between the Company and 1001180076 Ontario Inc. dated April 17, 2025 (the " Arrangement Agreement"). The Arrangement Resolutions were required to be passed by at least: (i) two-thirds (66 2/3%) of the votes cast by the Shareholders virtually present or represented by proxy at the Meeting; and (ii) a majority of the votes cast by the Shareholders virtually present or represented by proxy at the Meeting, excluding votes of any Shareholders required to be excluded pursuant to MI 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101") in the context of a "business combination", and excluding the votes of the rolling shareholders and other shareholders required to be excluded pursuant to MI 61-101. Shareholders approved the Arrangement Resolution with approximately 99.93% of the votes cast at the Meeting in favour of the Arrangement (99.45% excluding the votes of certain persons in accordance with MI 61-101). Details of the voting results will be filed under the Company's profile on SEDAR+ at The Company will be seeking a final order from the Ontario Superior Court of Justice (Commercial List) with respect to the Arrangement on June 25, 2025 and the Arrangement is expected to be completed on or around June 26, 2025. The completion of the Arrangement remains subject to the final approval by the Court and the satisfaction of customary closing conditions. About LifeSpeak Inc. Celebrating 20 years of supporting employee wellbeing, LifeSpeak Inc. is the leading provider of mental, physical, and family wellbeing solutions for employers, health plans, and other organizations across the globe. LifeSpeak is a holistic, personalized solution that provides expert support and thousands of on-demand fitness classes, nutrition guidance, and mental health education. 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Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered reasonable by LifeSpeak as of the date of this release, is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. 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