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5 Things to Know Today: Oil Surges as Iran Tensions Flare Again

  Monday, August 31, 2026 The week opens with oil jumping on fresh Middle East tension, the TSX still nursing last week's Warsh-driven pullback, and three big deadlines — the Bank of Canada, the gas tax holiday, and Canada's retaliation tariffs — all landing within the next eight days. Here's what to know. 1. Oil Jumps Past $90 After a Fresh US Strike on Iran A US strike on Iranian rocket launchers near the Strait of Hormuz on Sunday — the first since late July — sent Brent crude to $90.69 (+2.93%), with WTI near $86. It ends weeks of relative calm on the oil front and comes right as Canadian drivers are about to lose a price cushion of their own (see #4). What it means for you: Expect pump prices to firm up over the next week or two as the crude increase filters through — bad timing with the gas tax holiday set to expire. 2. TSX Sits at a Two-Week Low, Gold Still Shaky The TSX closed out last week at 36,553.92 (-0.80% Friday), its second straight weekly decline, after Fed...
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Market Momentum: Futures Rise Amid Tariff Uncertainty

U.S. stock futures showed gains early Monday as investors navigated a mix of optimism and caution. The S&P 500 futures climbed 0.5%, while Nasdaq 100 futures rose 0.8%, and Dow Jones Industrial Average futures edged up 0.4%. This comes after a volatile February, with markets now bracing for key developments this week.

A major focus is the looming tariff deadlines set for March 4, which could impact trade with Canada, Mexico, and China. While 25% duties are planned, officials have hinted at potential adjustments, leaving markets in a "fluid situation." Investors are also eyeing the Federal Reserve's next meeting and Friday's nonfarm payrolls report, which is expected to show modest job growth with unemployment steady at 4%.

Adding to the mix, cryptocurrencies surged after President Trump announced the inclusion of Bitcoin, Ethereum, and other digital assets in a new U.S. strategic cryptocurrency reserve. This move has sparked significant market activity, with Bitcoin briefly surpassing $94,000.

As the week unfolds, retail earnings from companies like Target and Costco will provide further insights into consumer resilience amid economic uncertainties. Markets remain on edge, balancing hopes for growth against the challenges of global trade and economic policy.

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