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Bar chart comparing trailing one-month price moves in oil, gold and TSX stocks as of July 24, 2026.

The move followed Houthi strikes on two Saudi oil tankers in the Red Sea, opening a shipping corridor disruption separate from the ongoing Strait of Hormuz standoff. Five Saudi-loaded tankers rerouted away from Bab el-Mandeb, and Kazakhstan halted Caspian Pipeline Consortium exports after drone attacks on its terminal, adding a third supply disruption to the picture. Goldman Sachs has flagged $120 Brent as a possible fourth-quarter scenario if the disruption persists. The muted TSX and gold reaction suggests markets still treat this as tail risk rather than a base case.

This chart is presented for general informational purposes only and does not constitute financial, investment, tax, or legal advice. Figures reflect the source and period indicated and may no longer be current.

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