- Two of three US stock indices opened lower amid US-Iran tensions and US-Canada trade frictions
- Dow Jones fell 0.7%, S&P 500 dropped 0.1%, Nasdaq rose 0.3% at market open
- Brent crude oil prices rose 0.84% to $97.81 per barrel, hitting six-week highs
Two out of three US stock market indices started the trading session in the red following a continuation of tensions between the US and Iran with regards to the Strait of Hormuz, along with the impoact from the trade frictions between the US and Canada.
At the opening bell, the Dow Jones Industrial Average was down 0.7% or 373 points, while the S&P 500 saw a 0.1% decrease, the Nasdaq Composite climbed 0.3%.
ALSO READ: Iran's Big Warning To US: Economic Warfare Will Be Met By Maritime Exclusion Zone
The price of oil also saw an rise, with Brent crude trading at a 0.84% uptick at $97.81 per barrel at 7:00 p.m. IST. Oil prices hit their six-week highs, aftering climbing for the third consecutive day after the US and Iran executed military attacks against one another.
Iran and the US carried out what appeared to be their largest tit-for-tat tanker strikes yet over the weekend, pushing oil prices higher as both nations continue to escalate a six-month war that has disrupted shipping and stoked global inflation.
Iran said it hit three US-linked ships taking an unauthorized route through the Strait of Hormuz in retaliation for American attacks on Iranian tankers over the weekend. The US military earlier said it struck three Iranian crude tankers, one of which was destroyed, in response to the Islamic Revolutionary Guard Corps targeting two US Navy warships with ballistic missiles.
ALSO READ: Canada Set To Hit Back At Trump Tariffs, Risking Wider Trade War
Trade tensions that began when the US imposed tariffs of 50% on about $20 billion worth of Canadian goods took effect on Aug. 22.
Canada is poised to impose tariffs of 15% to 50% on hundreds of products from the US with Prime Minister Mark Carney betting that standing up to President Donald Trump will eventually help Ottawa's negotiating position with its biggest trading partner.
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