educing immediate fears of a supply shock through the Strait of Hormuz. Brent crude fell 1.3% to $70.64 a barrel, and that drop helped support gold, which often benefits when investors think inflation pressure may cool or when they want a hedge ahead of key data. Separately, trade policy uncertainty lingered after the US signaled it would not extend the USMCA’s timeline without changes, keeping annual reviews in focus for Canada-US-Mexico supply chains.
Why should I care?
For markets: Brent at $70.64 is the quiet swing factor for S&P/TSX futures.
Canada’s benchmark is unusually sensitive to crude because energy companies make up a large share of the index, and their expected cash flows tend to move with oil prices. So when Brent drops, it can drag on TSX futures even if other forces – like firmer gold or hopes for lower US rates after jobs data – look supportive. That’s why the market’s reaction to the payrolls report can get filtered through energy stocks: a TSX headline that looks “flat” can still hide big pushes and pulls between sectors.
