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Oil Surges Toward $95 as Iran Conflict Escalates: Markets Update for July 22

  Wednesday, July 22, 2026  Canadian markets clawed back Monday's losses on Tuesday, but that relief is already under pressure this morning. Crude oil jumped past $94 a barrel overnight after an 11th straight round of U.S. strikes on Iran, and U.S. futures are pointing lower as investors weigh higher energy costs against a busy week of tech earnings. Here's what moved markets and what it means for your wallet. 🇨🇦 TSX: Snapping Back From a 12-Day Low The S&P/TSX Composite rebounded +408.76 points (+1.17%) to close at 35,369.08 on Tuesday, recovering most of Monday's 303-point drop that had pushed the index to a 12-day low. Energy and mining names led the bounce as commodity prices firmed, while financials — Monday's biggest drag — steadied. Index Close Change S&P/TSX Composite 35,369.08 +408.76 (+1.17%) Note: figures reflect Tuesday's (July 21) close, the most recent completed TSX session as of this morning's report. 🇺🇸 US Markets: Chip Stocks Carry...
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Israeli Response to Latest Ceasefire Proposal Deemed Negative

In a recent development, a senior Hamas official revealed that Israel’s response to the group’s latest Gaza ceasefire proposal was negative. The proposal, handed over by mediators, failed to meet the demands set forth by Hamas.

Summary of Events: 

  • On Tuesday evening, the mediators informed Hamas of Israel’s position on the proposal. According to Osama Hamdan, the Israeli response was “generally negative” and did not address the critical issues at hand.
  • Hamas holds Israeli Prime Minister Benjamin Netanyahu and his government accountable for the failure to negotiate a hostage release in exchange for Palestinian prisoners and to halt the ongoing conflict in Gaza.
  • Despite weeks of negotiations, a comprehensive agreement between Israel and Hamas remains elusive. Talks have resumed this week in Qatar, but the humanitarian crisis in Gaza continues to escalate.
  • Over the past week, more than 100 aid workers have lost their lives, and dozens have been wounded in eight attacks carried out by Israeli forces.
  • As the situation remains tense, international attention remains focused on finding a resolution. The hope is that renewed dialogue will pave the way for a lasting ceasefire and alleviate the suffering of civilians caught in the crossfire.

Stay tuned for further updates as the situation unfolds.


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