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Oil Breaks $90 as Mideast Conflict Escalates: Markets Today

  Monday, July 20, 2026 Crude oil is the story investors are watching to start the week. Brent crude jumped roughly 3% and pushed past US$90 a barrel overnight — its highest level since June — after the United States and Iran escalated attacks in the Middle East over the weekend, curbing tanker traffic through the Strait of Hormuz. U.S. equity futures are pointing higher after Friday's tech-led selloff, European stocks opened mixed, and the Canadian dollar is getting a modest lift from firmer crude. Here's where every major market stood heading into today's session. 🇨🇦 TSX & Canadian Dollar Index / Asset Last Close Change S&P/TSX Composite 35,263.85 −76.30 (−0.22%) USD/CAD 1.4020 −0.10% (loonie firmer) The TSX closed Friday's session modestly lower, with financials and materials offsetting continued strength in energy names. The loonie is holding near its best levels in about a month, at roughly 1.40 per U.S. dollar, as Canada's status as a major oil expor...
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Trump Administration Pushes Forward with Federal Workforce Cuts


The Trump administration is moving ahead with a significant reduction in the federal workforce, following the submission of downsizing plans by various agencies. This initiative, part of a broader effort to streamline government operations, has sparked widespread concern and debate.

Key agencies, including the Department of Veterans Affairs and the Department of Education, are expected to see substantial layoffs, with thousands of jobs on the line. The administration's directive emphasizes cutting non-essential functions and reducing budgets, aiming to reshape the federal bureaucracy. However, these measures have faced legal challenges, with courts recently ordering the reinstatement of some dismissed employees.

The economic implications of these layoffs are also under scrutiny, as fears of a potential recession loom. Critics argue that the cuts could disrupt essential services and harm vulnerable populations, while supporters view them as a necessary step toward fiscal responsibility.

This development marks a pivotal moment in the administration's efforts to redefine the role and scope of the federal government.

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