TSX:GGO 2 January 2026

July 8, 2026, 1:15 PM EDT. Crude oil surged 7% after new clashes between the U.S. and Iran at the Strait of Hormuz, with the Dow Jones down 1.5%. The U.S. hit Iranian targets, ending a shaky ceasefire and pushing up fears that energy costs will drive higher inflation. Gasoline prices at the pump are barely up so far, but analysts warn bigger price spikes are likely if crude costs keep climbing. Bond yields are rising, adding to volatility, as investors grow nervous. Odds for a June Fed rate hike have jumped past 33%. The IMF trimmed its global growth outlook again, citing persistent geopolitical and economic risks.