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Weekly Market Snapshot: Geopolitical Fog Meets Earnings Season as Markets Grind Higher

Week ending April 24, 2026 | Canadian Money Brief – moneysavings.ca Markets this week found themselves caught between two powerful forces: a roaring U.S. earnings season pushing stocks to fresh records, and a simmering Middle East conflict keeping oil elevated and investor nerves frayed. For Canadians, that makes for a complicated but important picture heading into the last week of April. TSX Composite: Stuck in the Mud The S&P/TSX Composite spent the week trading in a tight band near the 34,000 mark, unable to mount a meaningful rally. Tuesday delivered a sharp blow — the index plunged over 550 points to close at 33,808 as U.S.-Iran ceasefire talks collapsed after U.S. Vice President JD Vance abruptly cancelled his Pakistan trip, where he was set to lead negotiations. Wednesday brought a partial recovery, with the TSX adding roughly 0.4% to close at 33,955 , helped by gains in energy and mining stocks following President Trump's announcement of an indefinite ceasefire ex...
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Iran Seizes Oil Tanker Involved in US-Iran Dispute in Gulf of Oman

 



Iranian navy has seized an oil tanker in the Gulf of Oman that was at the center of a major US-Iran crisis. The vessel was once known as the Suez Rajan and had been involved in a yearlong dispute that ultimately saw the U.S. Justice Department seize 1 million barrels of Iranian crude oil on it. 

The tanker was carrying Iraqi crude oil intended for Turkey. The seizure comes as a response to the previous year’s seizure of the same vessel by the United States. The ship was reportedly confiscated by Iran as the result of a court order. The incident occurred early in the morning in the waters between Oman and Iran in an area transited by ships coming in and out of the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all oil traded passes. The vessel was boarded by armed men and the ship’s security officer heard unknown voices on the phone . The tanker had been off the city of Basra, Iraq, loading crude oil bound for Aliaga, Turkey, for the Turkish refinery firm Tupras. The ship was identified as the oil tanker St. Nikolas.


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