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US Reimposes Iranian Sanctions; Saudi Arabia Suspends Diplomatic Relations with Canada
Published August 7, 2018
The Trump Administration moved to reimpose the first round of Iranian trade sanctions that had been suspended under a 2015 nuclear agreement, distancing itself from every other country that signed the deal and marking another decisive moment in the accord’s unraveling.
Saudi Arabia will defer new trade and investment with Canada after Canada’s foreign ministry urged Riyadh to release arrested civil rights activists. Saudi Arabia has additionally suspended diplomatic relations with Canada on Sunday in response to Canada’s call for the release.
Futures point towards a higher opening for Canada’s main stock index this morning; oil prices rose with the renewed US sanctions against Iran, which are expected to tighten global crude supply. West Texas Intermediate was trading at $69.77 at time of writing.
Canada’s foreign affairs minister, Chrystia Freeland, said she is ready to move forward swiftly once the US and Mexico reach an agreement on automobiles. This has been regarded as a majorly downplayed notion by Freeland, considering that Canada has been shut out of North American Free Trade Agreement talks.