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Oil Swings, Records Fall, and Bank Earnings Roll In: Markets Update — May 28, 2026

  Thursday is shaping up to be an eventful one for markets. A sharp rebound in oil prices — triggered by fresh U.S. military strikes in Iran overnight — is rattling futures this morning, even as Wall Street closed at fresh records on Wednesday. Here in Canada, the TSX pulled back sharply, weighed down by energy-sector volatility and mixed signals from the big banks. Traders are also keeping a close eye on two major U.S. data releases due today: April PCE inflation and the Q1 GDP second estimate. Canada The TSX had a rough Wednesday. The S&P/TSX Composite shed 241.82 points — roughly 0.70% — to close at 34,412.05, as energy stocks were dragged lower by falling crude prices. The loonie dipped slightly as well, with the Canadian dollar trading at 72.29 cents U.S., compared with 72.40 cents the day before. It's a big week for Canadian bank earnings, and results so far have been mixed but largely solid. Bank of Nova Scotia and BMO Financial Group both reported stronger second-quar...
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Israel Strikes Iran in Narrow Attack Amid Escalation Fears

Israel has carried out a retaliatory strike against Iran, according to US officials. The Israeli military operation comes after Iran’s massive drone and missile attack on Israeli territory. Tensions in the region remain high, with both countries engaging in a series of retaliatory strikes.

Here’s what we know so far:

  1. Military Operation: Israel warned the Biden administration that a strike was imminent within the next 24 to 48 hours. The Israelis assured their US counterparts that Iran’s nuclear facilities would not be targeted.

  2. Explosions Near Isfahan: Iranian state media reported explosions near a major airbase close to the city of Isfahan. Air defense batteries were activated in response. Isfahan is home to sites associated with Iran’s nuclear program, including the underground Natanz enrichment site. State television described all sites in the area as “fully safe” despite the reported explosions.

  3. Suspension of Flights: Dubai-based carriers Emirates and FlyDubai diverted flights around western Iran, suggesting airspace closures. Iran later announced the suspension of flights over some cities.

  4. Escalation Context: Iran previously launched hundreds of drones and cruise missiles toward Israel in response to an Israeli strike on an Iranian diplomatic building in Damascus. Iran’s foreign minister warned that if Israel retaliates, Tehran’s response would be “decisive, definitive, and regretful” for Israel.

As tensions persist, the situation remains fluid, and world leaders are closely monitoring developments in the region. The delicate balance between retaliation and de-escalation hangs in the balance.



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