08:20 AM EDT, 04/13/2026 (MT Newswires) -- Global markets are on back foot to start the week given what was the largely predictable collapse of negotiations between Iran and the United States over the weekend, said Scotiabank.

Oil prices are sharply higher with WTI and Brent futures gaining by about US$7 to US$8/barrel and trickling into other maturities, alongside increases in other commodity prices, noted the bank.

Gold is off by about US$40/oz but was down by about US$100/oz early in the Asian session.

The US dollar (USD) is firmer against other majors, but with Norway's krone (NOK) and Russia's ruble (RUB) gaining while the Canadian dollar (CAD or loonie) holds firm, both of which are outperforming other crosses due to higher commodities, stated Scotiabank.

U.S. and Canadian equity futures are off by about 0.5%, which is fairly modest so far, but European cash markets are faring a little worse, pointed out the bank.

Sovereign bond yields are higher by a handful of basis points across major markets and maturities, added Scotiabank. OIS is leaning toward a half point of Bank of Canada hikes over H2.