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Line chart showing WTI crude oil jumping 16.4 percent since its July 6 low after the Hormuz blockade resumed.

WTI reversed three weeks of decline in just two trading sessions after the US reinstated its naval blockade of Iranian ports on July 13. Two central banks are now reading that same oil shock differently: the Bank of Canada is expected to hold its rate this morning, while Fed Chair Kevin Warsh testifies before the Senate a day after a more hawkish June dot plot. Canada's economy has already contracted for two straight quarters.

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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