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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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UK Authorizes Limited U.S. Use of Bases for Defensive Strikes on Iran

 

                                Starmer agrees to let US use British military bases for Iran strikes.


The UK has approved a U.S. request to use British military bases for what Prime Minister Keir Starmer describes as “specific and limited defensive” strikes against Iranian missile sites. This marks a significant shift in the UK’s position, as it had previously declined similar U.S. requests. 

Starmer emphasized that the UK will not participate in offensive operations and remains uninvolved in recent U.S.-Israeli strikes on Iran. Instead, the decision is framed around collective self‑defence and the protection of British and allied lives amid escalating regional tensions. He accused Iran of pursuing a “scorched-earth strategy” and highlighted the threat posed by missile launches and storage facilities targeted in the planned U.S. actions. 

Reports from multiple outlets note that the authorization aims to prevent further missile attacks across the region, with British personnel already stationed near potential hotspots. The move follows criticism from U.S. President Donald Trump, who expressed disappointment over the UK’s earlier hesitation but acknowledged the eventual approval for defensive use. 

The UK government has stated that a summary of its legal advice will be published, underscoring its position that the decision aligns with international law. As the situation develops, the approval signals a careful but notable deepening of UK-U.S. military cooperation during a volatile moment in Middle Eastern security dynamics.

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