WTI crude closed at $85.47 Friday, up 2.3% on the day, capping a volatile seven-week stretch. The price fell to a late-June low near $69 before an escalation near the Red Sea pushed it to $92.19 by July 23, then eased through a brief diplomatic pause. It rallied again after Friday's reported strikes on tankers near the Strait of Hormuz, one of several flashpoints in an ongoing conflict between the United States and Iran.
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The S&P/TSX Composite closed July at 35,226, up 1.06% for the month, a modest headline figure that conceals sharp intra-month swings.
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Brent and WTI crude both surged in July, with WTI ending the month at $85.47, up 23.0%, after round-tripping from a five-month low near $68.74.
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Five widely tracked assets moved in different directions on July 31.
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Brent was the only one of the three to finish above its starting level, while the index and gold both fell.
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The Bank of Canada held its policy rate at 2.25% for a seventh straight time, yet Canadian yields rose as United States yields surged.
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The index fell for the month even though Brent crude gained and the Strait of Hormuz stayed shut, because rising United States bond yields outweighed oil and gold.
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