Oil and gas prices surged over 6% after the U.S. Navy said it intercepted and seized an Iranian-flagged cargo ship. U.S. Energy Secretary Chris Wright told CNN that gas prices may stay above $3 per gallon until next year. Meanwhile, Air Canada has temporarily suspended flights from Toronto and Montreal to New York’s JFK Airport for five months, citing rising fuel prices. Separately, Spirit Airlines is reportedly seeking emergency U.S. government funds to stay afloat amid the fuel price surge.