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5 Things to Know Today: Oil Surges on Iran Conflict as TSX Slips Before the BoC

  September 1, 2026 — Here's what's moving markets and your wallet this morning. 1. Oil Jumps as U.S.-Iran Fighting Flares Up Again Weeks of relative calm ended over the weekend when a tanker was struck by projectiles in the Strait of Hormuz and U.S. and Iranian forces exchanged direct attacks for the first time in a month. Brent crude climbed to $91.52/barrel and WTI to $87.01, with President Trump threatening further strikes. What it means for you: Sustained oil gains typically show up at the pump within days. Worth topping up sooner rather than later, especially with the gas tax holiday also winding down (see #4). 2. TSX Slides for a Second Straight Day The TSX closed Monday at 36,270.48, down 283.44 points (-0.78%), with banks and gold miners leading the retreat as geopolitical risk crept back into the picture. Wall Street also pulled back (Dow -0.70%, S&P 500 -0.33%, Nasdaq -0.12%), and the VIX ticked up to 14.92. What it means for you: If you're contributing to ...

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Suspected Houthi Rebel Missile Sets Cargo Ship Ablaze in Gulf of Aden

 

On Thursday, a suspected missile attack by Yemen’s Houthi rebels ignited a ship in the Gulf of Aden, while simultaneously, Israel intercepted what appeared to be another Houthi attack near the port city of Eilat.

In the Gulf of Aden, two missiles were fired, leaving an unnamed ship ablaze. The British military’s United Kingdom Maritime Trade Operations center confirmed the incident but provided no further details about the vessel. However, ship-tracking data analyzed by The Associated Press identified the burning vessel as the Palau-flagged cargo ship Islander. This ship had been en route from Thailand to Egypt and had previously sent out messages indicating “SYRIAN CREW ON BOARD” in an attempt to avoid being targeted by the Houthis.

Meanwhile, sirens blared over Eilat early Thursday morning, followed by videos posted online showing what appeared to be an interception in the sky. The Israeli military later clarified that the interception was carried out by its Arrow missile defense system. Although the origin of the fire remains undisclosed, the Arrow system is designed to intercept long-range ballistic missiles while they are still in space.

These attacks occur amidst escalating tensions between the Houthi rebels and Israel. The Houthis have intensified their assaults in response to Israel’s ongoing war against Hamas in the Gaza Strip. Eilat, situated on the Red Sea, is a crucial port city for Israel. In October, the Houthis first claimed a missile-and-drone barrage targeting Eilat, but these attacks have caused no damage in the city.

Since November, the rebels have repeatedly targeted ships in the Red Sea and surrounding waters, jeopardizing trade routes between Asia, the Middle East, and Europe. These vessels often have tenuous or unclear links to Israel, making them vulnerable to Houthi attacks. Notably, some of these ships have carried cargo bound for Iran, the Houthis’ primary supporter.

While the Houthis have not immediately claimed responsibility for either attack, they typically acknowledge their actions hours after conducting them. As the situation unfolds, the international community closely monitors the volatile region, where geopolitical tensions continue to simmer.


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