Oil and yields climb, stocks fall

Melisa R. H. Posted On July 23, 2026

As the US-Iran war intensifies, crude oil prices continue to rise, sending WTI 5.5% higher on Thursday to US$91.65. Despite energy outperforming every sector on the TSX, the Canadian index sank 0.82%, dragged down by real estate, discretionary and six other sectors. Whitecap Resources was the the most active name, up another 1.64%, while Baytex followed at 2.31%. Other notable names: WSP Global -8.3%, FirstService -7.48% and Gildan -6.84%.

Wall Street fared worse as tech earnings continued to pour in. Tesla cratered 14.52% and Alphabet tumbled 7.13%. Meanwhile, Lockheed Martin soared 10.54%, United Rentals rallied 10.11% and T-Mobile sank 10.75%. The S&P ended the session -1.21%, the Nasdaq -2.15% and the Dow -0.97%. Bitcoin declined US$790 to US$65,100. Soaring crude prices fueled a rise in the U.S. 10-year yield, which rose to a 52-week high of 4.697%.

🛢 Whitecap Resources (WCP.TO) +1.64%

🛢 Baytex Energy Corp (BTE.TO) +2.31%

⚙ WSP Global Inc. (WSP.TO) -8.3%

🏛 Firstservice Corp (FSV.TO) -7.48%

👕 Gildan Activewear Inc. (GIL.TO) -6.84%

🚗 Tesla Inc (TSLA) -14.52%

🧮 Alphabet Inc (GOOG) -7.13%

🚚 Lockheed Martin (LMT) +10.54%

🏛 United Rentals (URI) +10.11%

📱 T-Mobile US (TMUS) -10.75%