Canada-U.S. Stock Markets Plummet Amid Oil Price Surge and Middle East Tensions

Stock markets across Canada and the U.S. plummeted on July 29, 2026, as oil prices surged amidst ongoing fighting in the Middle East.

The S&P/TSX composite index dropped by 415.92 points to 35,333.78, while the Dow Jones industrial average fell by 1,153.18 points to 51,594.14.

Étienne Bergeron, an economist at iA Financial Group, attributed the negative sentiment to the war in Iran and its escalation over the past couple of days.

The price of Brent crude oil jumped 7.3% to settle at US$88.09 per barrel, while the September contract for North American benchmark West Texas Intermediate rose by US$5.20 to US$84.46 per barrel.