The correct answer is option 1: Gulf Stream and Labrador.

The Gulf Stream and Labrador currents are two major oceanic water currents that meet near Newfoundland Island in Canada.

The Gulf Stream is a warm current that flows from the Gulf of Mexico along the eastern coast of the United States and across the Atlantic Ocean. It is a strong and swift current that carries warm water and influences the climate of the eastern seaboard of North America, including Newfoundland Island.

The Labrador Current, on the other hand, is a cold current that flows southward from the Arctic Ocean along the eastern coast of Canada. It carries cold water and icebergs towards the south. When the Gulf Stream and Labrador Current meet near Newfoundland Island, there is a significant temperature contrast, which can lead to the formation of fog and affect the local marine ecosystem.

Therefore, option 1 is the correct answer as it accurately identifies the two oceanic water currents that meet near Newfoundland Island.