The Globe and Mail reports in its Tuesday,, July 14, edition that oil prices surged over 9 per cent on Monday as hostilities in the Middle East escalated and President Donald Trump announced a blockade to stop tankers carrying Iranian crude from using the Strait of Hormuz. The Globe's Darcy Keith writes that Unite States and Iranian forces exchanged missile and drone attacks on Monday and clashed over the Strait of Hormuz, raising doubts about an interim ceasefire deal, especially after Iran announced the strait was closed. Crude prices remain well below their wartime peak, when Brent spiked to nearly $120 (U.S.) a barrel, but Monday's developments left traders with a renewed sense of unease about where the conflict is heading and how much it will continue to affect consumer prices. IG Wealth Management's Pierre-Benoit Gauthier says: "The market has become so accustomed to ignoring Donald Trump that even in the face of higher oil, more uncertainty and higher yields, we are still very close to all-time highs in the U.S. stock market. It shows how used to it the stock market has become, but you could also maybe start to call it a little complacent, because these are actual risks and risks of inflation creeping back up."