Bank of Canada surveys released on October 19, 2026, showed rising inflation expectations driven by trade tensions, input costs, tariffs, and Middle East conflict pressures on energy.

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Escalating security threats from Iran-aligned Houthi militia in Yemen have heightened regional conflict risks across the Gulf, prompting U.S. diplomatic missions to issue security alerts

The U.S. State Department is preparing an ordered departure of some personnel and family members from U.S. embassies across the Gulf region, according to three U.S. officials on October 21, 2026

Two U.S. officials stated that the ordered departures from U.S. embassies across the Gulf region could potentially involve the evacuation of all personnel and family members from the U.S. Mission to Saudi Arabia

On October 21, 2026, the U.S. Embassy in Riyadh issued a security alert warning of potential further attacks by Houthi forces on Saudi Arabia

Like Malaysia, Iraq is a Muslim-majority country that does not formally recognize the state of Israel

Muslim-majority Malaysia does not maintain formal diplomatic relations with Israel and maintains a diplomatic stance supporting the Palestinian cause

The UK Ministry of Defence stated that Houthi attacks on Saudi Arabia threaten British national economic and security interests while worsening Yemen's humanitarian crisis

UK Defence Secretary Wes Streeting stated that regional instability and Middle East conflict are directly adding to fuel and living costs for British households

India and the United States reached an interim trade agreement in February 2026 to reduce tariffs, but progress paused after the U.S. Supreme Court struck down U.S. President Donald Trump's tariffs

U.S. Secretary of State Marco Rubio held a trilateral meeting in Mumbai on October 20, 2026 with Indian External Affairs Minister S Jaishankar and UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan

U.S. President Donald Trump signed an executive order on October 16, 2026, waiving sweeping sanctions and tariffs on Russia that were set to take effect on October 18, 2026.

Iranian Foreign Minister Abbas Araghchi stated on October 19, 2026 that the war imposed by the United States and Israel, combined with an economic blockade, is the primary source of Middle East insecurity.

Russian Foreign Minister Sergei Lavrov held talks with Iranian Foreign Minister Abbas Araghchi in Tehran on October 19, 2026 to discuss Middle East crisis mediation.

The Lindsey O. Graham Act would have imposed tariffs of up to 100 percent on imports from the five largest buyers of Russian crude oil or gas.

Bank of Canada Governor Tiff Macklem stated on October 17, 2026, that the central bank expects to revise its inflation forecast higher due to persistent Middle East conflict and elevated oil prices.

Approximately half of Canadian firms surveyed by the Bank of Canada plan to pass on cost increases from the Iran war and trade tariffs to customers over the next 12 months.

A Bank of Canada survey of approximately 340 business leaders in September 2026 found that Canadian business sentiment deteriorated after trade talks with the U.S. broke down on August 21, 2026.

Elevated U.S. tariffs pushed Chinese exporters to direct more goods toward Southeast Asia, Latin America, and Europe in 2026.

U.S. President Donald Trump signed an executive order waiving key sanctions and tariffs on Russian goods and energy purchases scheduled under the Graham Act.

Countries should impose carbon tariffs on imports from countries with weaker emissions rules