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Markets Score 85 Bullish

Canadian Stocks Rise Amid Oil Surge Following Trump's Iran Comments

Apr 02, 2026 20:30 UTC
CL=F, ^VIX, SPY
Immediate term

Canadian stocks edged higher as oil prices soared after U.S. President Donald Trump's address on Iran. The energy sector led gains amid geopolitical tensions and supply disruptions.

  • Canadian stocks rose 0.46% as oil prices surged after Trump's Iran comments.
  • WTI crude oil for June delivery traded above $110 per barrel.
  • Eight of 11 sectors gained, led by the energy sector.
  • Canada's trade deficit widened to C$5.74 billion in February.
  • Deloitte forecasts 1.20% growth for 2026, down from 1.7% in 2025.
  • Energy stocks like Parex Resources Inc and Athabasca Oil Corp saw significant gains.

Canadian stocks inched upward on Thursday, supported by a surge in oil prices following U.S. President Donald Trump's comments on Iran. The S&P/TSX Composite Index closed at 33,108.22, reflecting a 0.46% increase. Trump's vow to attack Iran 'extremely hard' triggered a spike in oil prices, with WTI crude for June delivery trading above $110 per barrel. The energy sector led the market's gains, with eight of 11 sectors posting positive returns. The ongoing conflict in the Middle East has led to the Strait of Hormuz being effectively shut by Iran's military, stranding oil shipments and fueling global demand. Trump's speech, which outlined an extended period of supply disruption, further intensified market reactions. Meanwhile, Canada's trade deficit widened to C$5.74 billion in February, driven by a rise in imports to a record C$72.05 billion. Deloitte's economic outlook projected 1.20% growth for 2026, down from 1.7% in 2025, citing energy costs as a drag on consumer spending. Energy stocks like Parex Resources Inc and Athabasca Oil Corp saw significant gains, while communication services and industrials sectors declined. The Bank of Canada's recent meeting minutes indicated a cautious approach to monetary policy amid ongoing tensions.

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