Morning. In focus this week, we’re watching frozen food prices, dialling into Rogers earnings and checking in across the pond.

Energy: LNG Canada co-owners Shell PLC and Mitsubishi Corp. are poised to take advantage of soaring demand for infrastructure assets from the insurance arms of massive private-equity funds.

Immigration: Thousands of home-care workers are stuck in limbo as permanent residency stream faces delays.

China: Facing pressure at home, Trump turns to an old scapegoat.

1. Burning up: Wildfires continued to rage across Canada, after a violent lightning storm ignited more blazes in British Columbia. But a thick haze of smoke that loomed over many eastern North American cities eased off, in part owing to thunderstorms.

Criticism mounted over the weekend for Ontario’s handling of wildfires, even drawing a threat of tariffs against Canada by U.S. President Donald Trump, Sean Silcoff reports.

Canada has “invaded” American cities in recent days, Trump wrote on social media, calling the smoke “Willful Negligence” on the part of Canadian authorities.

2. Oil under pressure: Renewed hostilities sparked concerns about global oil supplies, pushing crude prices back to levels seen before the U.S. and Iran signed a ceasefire agreement in mid-June.

Both countries intensified attacks for an eighth consecutive day yesterday, resulting in casualties and reigniting fears of outright war. The renewed conflict led to an unravelling of a fragile ceasefire between the two countries that was set to lead to a final peace agreement, Sophia Bertuzzi reports.

Brent, the international crude oil benchmark, surged more than 10 per cent over the past week, reversing the recovery of oil flowing from the Gulf region. Traders are weighing the risks that global crude and product stocks – which stabilized energy markets when the conflict began – are reaching new lows.

Iran has again closed the Strait of Hormuz – the world’s most important oil transit chokepoint.

3. Price check: The going rate of tomatoes might be the most extreme food spike reported in last month’s consumer price index, but that doesn’t make other rising grocery costs much easier to swallow.

The vegetable (yeah, that’s right: vegetable. I’ll see you in court) rose 45.2 per cent year-over-year – far outpacing grocery prices, which rose by 4.3 per cent during the same time period. Still, that’s the 16th consecutive month that groceries have exceeded the headline rate of inflation.

In this morning’s June consumer price index, reported by Statistics Canada, economists are expecting the broader measure of consumer goods to have slowed to 2.8 per cent from 3.2 per cent in May.

But most of that easing likely came from lower energy prices – also little comfort for anyone following the war in Iran.

Food prices, however, are expected to stay frozen.

After the Bank of Canada announced last week it would be holding its benchmark lending rate steady at 2.25 per cent, Governor Tiff Macklem told Mark Rendell he’s “cautiously optimistic” about the country’s economic outlook.

» Thursday: Analysts are estimating retail sales for May rose by 1.1 per cent, driven by car purchases and sales at the pump. Stronger job growth might also have spurred spending.

4. Radio silence: Rogers earnings on Wednesday mark almost two weeks since the telco announced it would be shutting down its Sportsnet 650 radio station in Vancouver and Sportsnet 960 station in Calgary, as well as four other stations in cities including Kitchener and Halifax.

The company cited declining audience numbers and lower advertisement revenue for the decision.