Oil prices surged more than 3% after the United States revoked Iran's oil export license, effectively reimposing sanctions that had allowed Iranian crude to reach global markets. The move was compounded by fresh attacks in the Strait of Hormuz, a critical chokepoint through which roughly 20% of global oil trade passes. Canadian equity markets held steady overall, with energy sector gains offsetting weakness elsewhere, including a dip in gold prices.
A sustained oil price spike directly lifts revenues and margins for energy producers — Canadian oil sands operators and U.S. exploration companies are immediate beneficiaries. However, higher energy costs act as a tax on the broader economy, pressuring transport-heavy sectors, consumer discretionary spending, and companies with high energy input costs. If the Strait of Hormuz disruption persists, the supply shock could push inflation expectations higher and complicate central bank rate-cut timelines.
Next weekly U.S. EIA crude oil inventory report (typically every Wednesday). Next U.S. CPI inflation report (~mid-month). Any OPEC+ emergency meeting response to price volatility. Ongoing Strait of Hormuz security updates.
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