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The Middle East oil shock

Oil is sold on a world market, so Canadian refiners pay the world price. No official negotiations to end the war are under way.

Published Sep 22, 2026 Reporting through Sep 16, 2026 Sources for this story (32) ↗

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Bank of Canada Official record Summary of Governing Council deliberations: Fixed announcement date of September 2, 2026 Published Sep 16, 2026 www.bankofcanada.caRead original source (opens in a new tab)

Paragraphs on energy prices, refinery margins and the condition for a policy response

Published on the edition's cutoff day. It records a meeting held before September 2, so it does not reflect the September price rise. Names two causes of high refinery margins, Middle Eastern and Russian refinery capacity. Raw copy: evidence/mideast-oil-shock/primary-raw-oilshock/boc-deliberations-2026-09-16.html.

Retrieved Sep 20, 2026. Original historical capture has not been verified.

Where it connects

Sep 2, 2026The Bank of Canada holds its rate at 2.25 per cent

Included as reporting context. It has not been linked as evidence for a specific claim.

Bank of Canada Official record Bank of Canada interest rate announcement, September 2, 2026 Published Sep 2, 2026 www.bankofcanada.caRead original source (opens in a new tab)

Rate decision and the paragraphs on energy prices and inflation risks

Official rate announcement. Both 'little progress reopening the Strait of Hormuz' and the sentence on refinery margins and spillover are in this release, not in the Governor's statement (s11). Raw copy: evidence/mideast-oil-shock/primary-raw-oilshock/boc-press-release-2026-09-02.html.

Retrieved Sep 16, 2026. Original historical capture has not been verified.

Where it connects

Linked to 2 claims

Bank of Canada Official record Monetary Policy Decision Press Conference Opening Statement Published Sep 2, 2026 www.bankofcanada.caRead original source (opens in a new tab)

Paragraphs on oil prices, the Strait of Hormuz and what monetary policy can do

Governor Tiff Macklem's prepared remarks. His wording is 'shipments through the Strait of Hormuz still curtailed'. The phrase 'little progress reopening the Strait of Hormuz' is the press release's (s08), not his. Raw copy: evidence/mideast-oil-shock/primary-raw-oilshock/boc-opening-statement-2026-09-02.html.

Retrieved Sep 20, 2026. Original historical capture has not been verified.