Canada’s main stock index fell as oil prices continued to rise on Thursday, while investors remained cautious amid escalating conflicts in the Middle East. Meanwhile, Canada has signed new critical‑minerals agreements with Australia.
Concerns about potential disruptions to regional oil and gas supplies eased after President Donald Trump announced on Tuesday that the US is preparing to offer risk insurance and naval escorts for ships travelling through the Persian Gulf to help maintain traffic through the Strait of Hormuz. Still, the White House did not provide a timeline for when the strait—which handles roughly 20 per cent of the world’s oil shipments—will be considered secure for tankers.
The Canadian dollar traded for 73.04 cents US compared to 73.36 cents US on Wednesday.
US crude futures traded US$6.27 higher at US$90.93 a barrel, and the Brent contract rose US$3.91 to US$85.91 a barrel.
The price of gold was down US$58.36 to US$5,065.11.
In world markets, the Nikkei was up 1,032.52 points to ¥55,278.06, the Hang Seng was up 71.86 points to HK$25,321.34, the FTSE was down 153.71 points to ₤10,413.94, and the DAX was down 389.61 points to €23,815.75.
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