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TSX Gains, US Futures Dip as Iran Talks Stall and Salesforce Earnings Loom

  Wednesday, May 27, 2026 | Canadian Money Brief — moneysavings.ca Global markets are starting Wednesday on a cautious note. After a strong Tuesday session on Wall Street and a solid gain on the TSX, pre-market futures are pointing lower as geopolitical uncertainty around the US-Iran conflict and the Strait of Hormuz reasserts itself. Meanwhile, a packed earnings calendar — led by Salesforce after the bell — is keeping traders on their toes. TSX — Canada The S&P/TSX Composite closed Monday (May 25) at 34,830.89, up 1.04% (+359.53 points) — its highest level in weeks — riding optimism around a potential US-Iran agreement and a surge in mining stocks. Gold-linked names were front and centre: Agnico Eagle gained 4.6%, Barrick rose 4.2%, and Wheaton Precious Metals added 5.6% as gold prices climbed. Energy stocks were the main laggards, with Canadian Natural falling 3.6% and Suncor losing 3% as crude pulled back below $100 on hopes of a Hormuz reopening. Investor attention this we...
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Red Sea Tensions Delay Oil Shipments from Saudi Arabia and Iraq


Tankers carrying nearly 9 million barrels of oil from Iraq and Saudi Arabia have been forced to delay their deliveries due to Red Sea security threats. The attacks by Iranian-backed Houthis from Yemen on commercial vessels passing through the Red Sea have made some shipowners reluctant to sail via the region. The Red Sea carries an estimated 9 million barrels a day of oil shipments, representing about 10% of global demand, while the route covers almost one-third of global container traffic and around 12% of global goods trade. The diversions and delays highlight the chaos in the shipping industry that’s spilling over into the wider economy and raising the risk of inflation as flows of food and other goods get disrupted.

The diverted vessels are heading toward Africa, which is a longer voyage from the Middle East to refiners and consumers in Europe. The detour can add more than two weeks’ sailing time when compared with the trip from the Persian Gulf through the Red Sea and Suez Canal. The Middle East, which produces about a third of the world’s crude, ships most of it to Asia and those supplies aren’t affected. Crude prices in London are below $80 a barrel.

The situation is still developing, and it remains to be seen how long the threat will persist. However, the current situation has already had a significant impact on the oil industry and the global economy.

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