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Oil Surges Past $103 as TSX Extends Losing Streak

  Markets are lower this morning as oil surges past US$103 and tech stocks remain under pressure, with the TSX coming off a fourth straight decline. Below is your ready-to-publish Canadian Money Brief update for April 29, 2026 , built from today’s market data and news. TSX slips as oil spikes and global tensions rise The S&P/TSX Composite opened at 33,584 , down 0.69% from yesterday’s close as weakness in tech and materials continues to weigh on the index. Rising geopolitical tensions and renewed uncertainty around the Iran conflict have pushed WTI crude above US$103 , lifting Canadian energy names but not enough to offset broader declines.  U.S. markets are also softer, with the S&P 500 down 0.49% and tech stocks retreating amid renewed AI growth concerns.  Oil rallies on OPEC turmoil Crude prices are up more than 3% , driven by the UAE’s announcement that it will exit OPEC and by expectations of prolonged supply disruptions tied to the Iran war.  ...
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Looming U.S. Port Strike Threatens Supply Chain Stability

 

As the possibility of a U.S. port strike looms, experts warn of severe disruptions to supply chains that could have far-reaching consequences. The potential work stoppage at East Coast and Gulf Coast ports could lead to significant delays, with cargo backlogs lasting for weeks or even months.

Fraser Johnson, a professor at Western University’s Ivey Business School, emphasized the gravity of the situation, stating that an East Coast port strike would be “absolutely devastating” to North American supply chains. The breakdown in contract negotiations between the International Longshoremen’s Association (ILA) and port operators has heightened concerns, with no resolution in sight.

The impact of such a strike would extend beyond the U.S., affecting global trade and logistics. Businesses reliant on timely shipments could face inventory shortages, increased costs, and operational challenges. As the October 1 deadline approaches, stakeholders are anxiously monitoring the situation, hoping for a resolution that averts a major supply chain crisis.


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