Global Markets: Damaged oil facilities repaired by end of month

By MarketsFarm

WINNIPEG, Sept. 18 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Saudi Arabia said on Wednesday that the oil processing facilities damaged in a Sept. 14 drone attack will be fully repaired by the end of this month. The attack, of which Houthi rebels from Yemen claimed responsibility, cut Saudi oil production by more than 50 per cent and drove up world crude prices. However, the United States has continued to accuse Iran of launching the attack, allegedly using drones as well as cruise missiles launched from southwestern corner of the country. Iran has denied it was behind the attack. A planned U.S./Iran summit has since been cancelled.

– After counting 60 per cent of the ballots, there was no clear winner in Israel’s general election on Thursday. So far the conservative Likud Party led by Prime Minister Benjamin Netanyahu had 31 seats and the centrist Blue and White Party led by former general Benny Gantz had 32. In hope of leading the country both leaders will have to form coalitions among the smaller parties in the 120-seat Knesset. An alliance of Arab parties was in third place, followed by the ultra-Orthodox Shas Party and then the nationalist Yisrael Beiteinu Party.

– Using the Justice for Victims of Terrorism Act, the Canadian government seized approximately C$30 million in assets owned by the Iranian government in Canada, according to Global News. Iran has demanded the return of the assets along with an apology from Canada. Officials with Global Affairs Canada stated the matter is now in the courts as the “result of civil litigation between two private parties,” said the report. Iran has threatened to seize Canadian ships and goods. Canada wants to sell the assets to use the proceeds as compensation to victims of terrorist attacks sponsored by Iran.

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