Oil Soars as US-Iran Tensions Escalate | Toronto News

Toronto News Today | 2 Min News | The Daily News Now! · Jul 13, 2026 · 1m

Oil prices surged over 4% as U.S.-Iran tensions flared, threatening a fragile truce and risking disruption of the vital Strait of Hormuz — where a commercial ship was attacked and crew abandoned after catching fire. Iran vowed to keep the strait closed until U.S. intervention stops, sending traders into panic while analysts warn a full repeat of earlier price spikes is unlikely due to current supply-demand dynamics. Meanwhile, tech stocks tumbled across Asia despite a major chip firm’s NYSE debut, as earnings reports loom and the dollar climbed as investors seek safety amid inflation fears…