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Global Markets: Oil prices on the rise as Middle Eastern tension builds

By MarketsFarm

WINNIPEG, June 24 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Oil prices remained on the rise Monday morning, following a week of steady gains thanks to continued strife between the United States and Iran. The U.S. has blamed recent oil tanker attacks on Iran, which the country has denied. Iran did, however, shoot down a U.S. military drone last week. U.S. President Donald Trump was prepared to retaliate but ultimately called off the attack.

– President Trump is threatening Iran with additional sanctions, though there is “not much left for the U.S. to target” thanks to previously-imposed penalties. “The Trump administration has already hit most of Iran’s cash-earning exports and pushed the country into a deep recession this year,” said Peter Harrell, a fellow at the Center for New American Security, a Washington-based research group, to Bloomberg. “A lot of exports to Iran have dried up because of risk aversion and all the banking sanctions.”

– Protestors in Hong Kong continued to demonstrate their dissatisfaction with legislation that would allow mainland China more authority over Hong Kong residents. Hundreds of thousands of people have filled the streets of Hong Kong to “urge the international community to give stress on Beijing that we need democracy,” one protestor told CBC News.

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