Iran Ceasefire Hangs by a Thread: How Hormuz Tensions Could Keep Vancouver Mortgage Rates Higher for Longer

The United States and Iran have reportedly reached an outline agreement to extend their ceasefire by 60 days, pending President Donald Trump's approval, according to Axios reporting confirmed by CBC News. The potential extension comes after Iran targeted a U.S. airbase in Kuwait with drones and missiles on Thursday, which U.S. Central Command called an "egregious ceasefire violation." The conflict, which began on February 28, has already killed thousands and sent global energy prices sharply higher. A critical sticking point remains the blockage of the Strait of Hormuz, the strategic waterway that handled approximately one-fifth of the world's oil and liquefied natural gas traffic before the war, creating what officials describe as an economically damaging logjam.