The Globe and Mail reports in its Wednesday edition that a prolonged war in the Middle East is starting to ripple into U.S. short-term credit markets, where subtle strains are emerging that could amplify liquidity risks. A Reuters dispatch to The Globe says short-term credit spreads have widened in the past few weeks, reflecting jitters about the prospect of a protracted conflict that has led to a generally risk-averse environment. Iran showed no sign of accepting U.S. President Donald Trump's ultimatum to open the Strait of Hormuz by 8 p.m. ET on Tuesday, unsettling many investors who are eager for the conflict to end. Analysts are pointing to the beginnings of tension in the roughly $1.5-trillion (U.S.) American commercial paper (CP) market -- a critical short-term financing source for corporations and banks. It is a key barometer of financing or credit problems. The market initially brushed off the conflict in the Middle East, but concern has mounted as it has dragged on. "Credit generally has widened across the entire curve and pretty much broadly across industries," said Jan Nevruzi at TD Securities in New York. "The entire curve just got priced higher. So you have to pay a little bit more for funding."