The Globe and Mail reports in its Friday, May 1, edition that crude oil experienced a volatile trading session on Thursday, reaching a peak not seen since 2022 before declining as buyer interest faded. The Globe's Eric Reguly writes that this fluctuation followed new economic data indicating that high prices are hindering growth, fuelling inflation and possibly prompting interest rate hikes. Economists are taking the view that rate hikes are all but inevitable if the Strait of Hormuz remains closed, keeping oil prices well above $100 (U.S.). As the United States and Iran strengthen their positions, hopes for a quick reopening of Hormuz are fading, raising fears among economists that high hydrocarbon costs could lead to a global recession. Iran insists it won't reopen the strait until the U.S. lifts its blockade on Iranian shipping. Axios reported late on Wednesday that U.S. Central Command has drawn up a plan for "short and powerful" strikes on Iran that could include infrastructure targets. Admiral Brad Cooper, head of Central Command, is due to brief U.S. President Donald Trump on Thursday, boosting speculation that attacks are imminent. Mr. Trump told Axios that he plans to keep the U.S. blockade of Iranian ports intact.