The Bank of Canada left interest rates unchanged at 2.25 per cent on Wednesday as the Iran war rattles economies around the world.

Oil prices have spiked in recent weeks as the Strait of Hormuz puts about 20 per cent of the world’s oil supply in jeopardy, which risks higher prices for fuel and just about everything else.

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This marks the second rate announcement from the central bank in 2026, and the third straight rate hold since it delivered a cut of 0.25 percentage points in October 2025.

Interest rates set by commercial banks and other lenders for loans like mortgages are based on the Bank of Canada’s minimum benchmark.

Bank of Canada Governor Tiff Macklem is scheduled to deliver remarks and answer questions at a press conference beginning at 10:30 a.m. EST.

– More to come