Oil Surges and Markets Dip as US-Iran Firefight Resumes, While Canada's Banking Landscape Shifts

The return of US military action against Iran has sent crude prices surging, with the October WTI contract jumping US$2.36 to US$85.76 per barrel after US forces struck rocket launchers on Larak Island in the Strait of Hormuz. The renewed conflict immediately rattled Canadian equities, pushing the S&P/TSX composite index down 283.44 points to 36,270.48, as investors priced in higher inflation risks and supply chain...