Attacks in the Persian Gulf Keep Ships and Oil Prices Unsteady

Why is the Strait of Hormuz so important to the markets?

It is a vital shipping route, especially for oil and gas. However, the situation there remains dangerous. Iranian authorities say commercial ships are still coming under attack and are also hitting sea mines in the Persian Gulf.

So the hopes of a quick agreement have met a serious problem at sea.

That is right. The continued danger to shipping has helped oil prices recover a little after their earlier fall. It also adds uncertainty about what President Trump may do next.

What diplomatic efforts are taking place while this continues?

Oman says it is still holding talks with Iran. The talks are aimed at creating a system under which the two countries would jointly control traffic through the shipping lanes in the strait.

And what does Oman believe that system could achieve?

Oman's foreign ministry said it could end the state of war and prevent new confrontations in the region. For now, though, the talks have not removed the risks facing ships.

There has also been a meeting between Iran and Russia. What was discussed there?

Iran's security chief, Mohsen Rezaei, met Russian President Vladimir Putin in Moscow on Thursday. Rezaei is the secretary of Iran's Supreme National Security Council. They discussed stronger ties between their countries, including plans for gas pipelines from Russia to Iran.

Why would Iran want to import Russian gas when it is itself a major producer?

Iran has long had shortages of natural gas, which is needed to power heating systems. According to Tehran, those shortages became worse during the war with the United States and Israel, when key Iranian infrastructure, including natural gas refineries, was struck.

And Russia is warning its own citizens about the situation.

Yes. Moscow has told Russian citizens not to travel to Iran because of what it calls the risk of a new escalation. At the same time, Iran's foreign minister, Abbas Araghchi, held calls with officials from nine Middle Eastern countries, including Pakistan, Saudi Arabia, the United Arab Emirates and Turkey. The region is still searching for a way to reduce the conflict, while risks to shipping remain.

Thank you, Owen.

Canada's government has announced major new spending on independence from the United States, housing and homelessness.

Ella is LinguaWire's correspondent for business, and she has been covering the budget.

Hello, Daniel. Prime Minister Mark Carney has presented his second federal budget. It includes C$142 billion in new spending over the next five years, helped by higher-than-expected oil revenue.

What is the main idea behind this budget?

The budget is called Masters of Our Destiny. Carney says it is designed to make Canada more independent and more sovereign. A central aim is to make the country less reliant on the United States for trade.

Why is that such an important goal now?

Canadian businesses have faced uncertainty from US President Donald Trump's tariffs on key Canadian industries. The tariffs have led to thousands of job losses and have slowed business investment. The government is also under pressure to help people dealing with inflation and high housing costs.

So this is both a long-term economic plan and a response to problems people feel now.

Yes. One of the largest parts of the budget is C$11.2 billion over four years to combat homelessness. The money includes support for housing, mental health care and treatment for addiction.

How serious is homelessness in Canada?

Statistics Canada reported last year that one in eight Canadian households has experienced some form of homelessness during their lifetime. The government says it wants to end homelessness within a decade.

What other help is planned for households under financial pressure?

The government will increase a grocery benefit for Canadians with low and modest incomes. It estimates that the benefit could provide C$2,570 to a family of four over one year.

With all this extra spending, is Canada still trying to control its finances?

The budget shows a deficit of more than C$50 billion, and it does not set out a path back to a balanced budget. Still, the government says it has kept its earlier fiscal goals. It expects modest economic growth next year, stronger than every G7 country except the United States. Unemployment has moved up and down from month to month, but is lower overall than last year.

What happens next for Carney's government?

The challenge will be turning large investments into clear relief for ordinary Canadians, especially people facing high prices and unaffordable housing. The budget sets out that direction, but its success will depend on whether the spending improves daily life while Canada faces trade pressure and an uncertain economy.

Thank you, Ella.

Part one: useful words.

reliant.

It means depending on someone or something. As we hear in the story, Canada wants to become “less reliant on the United States for trade.”

Many small shops are reliant on local customers.

tariff.

It means a tax on goods from another country. As we hear in the story, there are “Trump's tariffs on key Canadian industries.”

The country introduced a tariff on imported cars.

deficit.

It means a situation where spending is higher than income. As we hear in the story, “The budget shows a deficit of more than C$50 billion, and it does not set out a path back to a balanced budget.”

The city has a deficit because it spent more money than it received.

Part two: the grammar.

Listen to this question: “What diplomatic efforts are taking place while this continues?”

We use while to introduce an action or situation that happens at the same time as another one.

Again: “What diplomatic efforts are taking place while this continues?”

New example: I listen to music while I cook dinner.

Repeat after me: What diplomatic efforts are taking place while this continues?