WTI crude gained in nine of ten trading sessions through mid-September as a tanker war in the Strait of Hormuz widened into direct strikes on Saudi Arabian supply infrastructure. The rally has pulled the Bank of Canada and the US Federal Reserve toward different policy responses to the same oil shock, with the Bank of Canada holding rates for a seventh straight decision while Fed futures priced a majority chance of a hike. The same climb has separated Canadian equities from their own energy sector, with the TSX at a six-week low even as energy shares rallied.
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