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Weekly Market Snapshot: Mideast Tensions and Chip Selloff Rattle Global Markets (July 13–17)

  Week of July 13–17, 2026 It was a rough week to be a tech investor and a good week to own oil. Escalating conflict between the US and Iran pushed crude sharply higher and rattled global markets, while a fresh wave of selling in semiconductor stocks dragged US and Asian indices lower. Closer to home, the Bank of Canada held its key rate steady, and the TSX—less exposed to chipmakers—held up noticeably better than its US and Asian peers. Here’s how the week broke down across every major market, and what it means for your wallet. 🇨🇦 Canada: TSX Day Close Change Mon, Jul 13 35,252.72 -0.15% Wed, Jul 15 (BoC day) 35,416.20 +0.27% Thu, Jul 16 35,340.15 -0.21% Fri, Jul 17 ~35,262 -0.22% Week total (Fri-to-Fri) — ~flat (about -0.1%) The TSX had a choppy but ultimately quiet week compared with its global peers. Monday's session opened with the Strait of Hormuz blockade headlines and closed lower. Wednesday brought a relief rally after the Bank of Canada's rate hold, with financials ...
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Rising Fears of a Wider Middle East Conflict After US–Israel Strikes on Iran

 

                    A plume of smoke rises after an explosion on February 28, 2026 in Tehran, Iran

                                                             

A wave of international concern has swept across world capitals following major coordinated US and Israeli attacks on Iran, prompting fears that the conflict could spiral into a broader regional war. European leaders convened emergency security meetings as they worked to safeguard their citizens in the Middle East and urged diplomatic intervention to prevent further escalation. 

The strikes have already resulted in significant casualties. Iranian officials reported that an attack on a school in Hormozgan province killed 24 students, marking one of the first confirmed civilian death tolls in the unfolding crisis. Additional reports from the region indicate that at least 51 students were killed in a separate strike on a girls’ school in Minab, underscoring the human cost of the intensifying conflict. 

Iran has responded forcefully, launching missile and drone attacks on US military facilities across several Gulf states, including Bahrain, Qatar, the UAE, Kuwait, Jordan, Iraq, and Saudi Arabia. These retaliatory strikes have heightened fears that the conflict could draw multiple nations into direct confrontation. One person was reported killed in the UAE after shrapnel from an Iranian missile struck the capital, marking the first confirmed fatality from Iran’s counteroffensive. 

As explosions continue to rock cities across the region and diplomatic tensions rise, global leaders are calling for urgent de-escalation to prevent the situation from spiraling into a full-scale regional war.

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