WTI has risen 15% since August 10, most of it in the two sessions since Iran's attack on a Saudi tanker in the Strait of Hormuz. The mechanism connecting that to Canadian portfolios runs through the currency as much as the energy sector.

Iran's strikes near Kuwait have pushed Brent from under $89 to above $95 in three weeks, and the mechanism connecting that move to Canadian portfolios runs directly through the TSX energy sub-index, not around it.

A hawkish hold moved the loonie by six hundredths of a cent. Gold, silver and the TSX miners moved on something else entirely: a second wave of US strikes on Iran and Iranian retaliation across the region.

Governor Macklem has attached explicit oil-price conditionality to the next rate move, while markets are pricing almost none of it.

Oil-linked strength wasn't enough to save Monday's session, and futures point to more pressure Tuesday as the Strait of Hormuz conflict resumes and US rate-hike odds climb.

Monday's tanker attacks and the first direct US-Iran exchange in a month reopen a risk premium markets spent August pricing away. The mechanism runs straight through Canadian energy, the loonie, and tomorrow's Bank of Canada decision.

New retirement research shows younger investors abandon markets at the highest rate, just as a fresh Hormuz escalation tests every portfolio's nerve.

Gold fell as the U.S. and Iran exchanged strikes over the Strait of Hormuz on Monday, a break from precedent that says rate expectations, not geopolitics, are now driving cross-asset pricing into the Bank of Canada's Wednesday decision.

Friday's close at 36,553.92 marked a third straight down session from the August 25 record. Monday's session opens with oil up more than 3% on the weekend's Iran-US exchange, a direct reversal of what pulled energy names lower Friday.

WTI jumped over 3% Monday after the first American strike on Iranian territory in a month. Gold barely moved. That gap tells Canadian portfolios exactly what kind of shock this is, and what it is not.

The TSX fell for a second session Thursday, giving back part of Tuesday's record close as a rebound in oil revived inflation concerns even as most big banks beat estimates.

Constructive Oman-Iran talks pushed oil to a one-month low this week. A new US-Iran exchange over sanctions erased the move within two days.

A cross-desk read of Thursday’s close shows Canada’s currency reacting to Ottawa’s tariff fight with Washington, not to the easing Strait of Hormuz premium that pulled crude lower.

WTI peaked near $87 on August 21 and has fallen more than six percent since, even as the U.S. sanctions campaign against Iran grew tougher. The market is pricing military risk and economic risk very differently.

A hot US inflation print undid four sessions of declining Government of Canada yields within hours, while equity volatility barely moved and two unrelated good-news stories pulled the TSX in different directions at once.

Scotiabank's record quarter and BMO's 22% earnings growth carried the TSX composite to 36,957.63. Energy fell the same session as oil dropped for a third straight day, a split that matters more than the headline for concentrated portfolios.