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Oil Markets Roar as Iran Conflict Pushes Prices to Highest Levels Since 2022

                                A man fills up his car as others wait in a line at a gas station in Seoul, South Korea Oil prices have surged past $119 a barrel , reaching their highest point since mid‑2022 as the escalating U.S.–Israeli conflict with Iran disrupts global energy supplies. The spike comes amid major producer output cuts , shipping disruptions , and heightened fears over the stability of Middle Eastern supply routes. Brent crude briefly hit $119.50 , marking one of the largest single‑day jumps on record, while U.S. WTI futures mirrored the surge. Analysts attribute the volatility to attacks on oil infrastructure, reduced output from Gulf producers, and the threat of prolonged instability in the Strait of Hormuz—through which nearly a fifth of the world’s oil flows.  As markets brace for continued uncertainty, governments and financial institutions are monitoring the situa...
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TSX Futures Plunge Amid Global Market Sell-Off

 

Futures for Canada’s main stock index, the S&P/TSX, fell sharply on Friday as investors braced for crucial U.S. payrolls data amidst a global market downturn. The September futures on the S&P/TSX index were down 1.0% early in the morning.

The decline follows weaker-than-expected factory data from the U.S. on Thursday, which heightened fears of an economic slowdown and negatively impacted investor sentiment worldwide. Additionally, disappointing earnings reports from major tech companies like Intel and Amazon.com contributed to a sell-off in tech shares across markets.

Despite the overall downturn, an uptick in commodity prices helped limit the declines. Oil prices saw a slight increase, and gold was poised for its biggest weekly jump in four months.

Investors are keenly awaiting the U.S. non-farm payrolls data, expected to provide further insights into the state of the American economy. The Toronto Stock Exchange’s S&P/TSX composite index had ended 1.7% lower on Thursday, marking its biggest daily decline since February.

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