A “whole civilization will die tonight,” U.S. President Donald Trump warned ahead of the 8 p.m. ET deadline he imposed on Iran to reopen the Strait of Hormuz. In response, Tehran withdrew from indirect negotiations with the U.S. administration, according to sources who spoke to The New York Times. (The New York Times, The Logic)

Talking point: Iran has blockaded the crucial shipping route, through which 20 per cent of the world’s liquid petroleum typically flows, since the U.S. and Israel attacked the country in February. With Iran showing no signs it will relent, those countries intensified their attacks Tuesday, including with more than 90 strikes on Kharg Island, Iran’s main oil terminal. Prime Minister Mark Carney urged all parties to follow international law and to not target civilians or civilian infrastructure. The S&P/TSX Composite Index slid 0.87 per cent Tuesday to 33,153.01. Meanwhile, the price of West Texas Intermediate oil reached US$117.62 a barrel.