Adam Katz: Canada has interests in the Middle East. It’s time Ottawa defined them
Canada needs to make its Middle East policy explicit
As the United States escalates its plan to cripple Iran's economy, the Islamic Republic has vowed a response that could have far-reaching consequences. Treasury Secretary Scott Bessent announced sweeping secondary sanctions targeting Iran's trade partners in key sectors, but stopped short of imposing new major measures. Instead, the US is focusing on enforcing existing sanctions and warning of further penalties against countries that cut ties with Iran.
Iran's Foreign Ministry spokesperson, Esmail Baghaei, has been playing a game of both chess and poker, warning of a combination of threats. The country has blocked vessels from using the Strait of Hormuz, a crucial route for oil exports, and its proxy in Yemen, the Houthis, have expanded the conflict to the Red Sea. Iran's top military officials have threatened to strike energy targets beyond the Strait of Hormuz, potentially disrupting emerging oil shipment routes.
If the economic war continues, Iran has warned that "not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf." Supreme National Security Council leader Mohsen Rezaei vowed a response "in an earthquake-like manner." Any resulting attacks or disruption to shipping could drive global oil prices higher, potentially increasing gasoline prices at US pumps.
Saudi Arabia and other Middle Eastern oil producers have already started rerouting their oil exports to avoid the Strait of Hormuz, exporting a combined 7 million barrels per day. If Iran follows through on its threats, global oil prices could skyrocket, with major implications for economies worldwide.
Written by urgent.news from Egypt Independent's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
