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The administration announced a new round of strikes on Iranian targets, prompting a retaliatory response from Tehran.

The administration announced a new round of strikes on Iranian targets, prompting a retaliatory response from Tehran. U.S. Central Command launched attacks on two Iranian launchers geared to send mines into the Strait of Hormuz. Iran responded by hitting U.S. bases in Jordan, causing explosions in the sky above Aqaba. These military actions led to a surge in oil prices, with Brent crude futures jumping to $94.52 a barrel. The escalation in the Middle East conflict has caused markets to reprice for potential inflation, leading to a. rise in U.S. 10-year Treasury yields to 4.80%. In a separate trade development, Canadian Prime Minister Mark Carney criticized the administration for its approach to trade negotiations with Canada. Carney urged the administration to stop being tough and focus on a mutually beneficial trade deal. This criticism followed the administration's decision to rename Lake Ontario to Lake America for federal government use.

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