Canadian, U.S. stock markets rise as oil pares gains from earlier in the day

Bobby Charmak works on the floor at the New York Stock Exchange in New York, Monday, March 30, 2026. (AP Photo/Seth Wenig)

TORONTO — Canada’s main stock index rose alongside U.S. markets on Monday as oil prices pared gains from earlier in the day, settling just under US$100 per barrel.

“I think it’s still a bit of a relief rally that we have enough of a ceasefire holding in the Middle East to be viewed as constructive given the breakdown of peace talks over the weekend,” said Brent Joyce, chief investment strategist at BMO Private Wealth.

The S&P/TSX composite index was up 183.48 points at 33,879.24.      

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In New York, the Dow Jones industrial average was up 301.68 points at 48,218.25. The S&P 500 index was up 69.35 points at 6,886.24, while the Nasdaq composite was up 280.84 points at 23,183.74.   

Monday’s trading day came as ceasefire talks between the U.S. and Iran over the weekend ended without an agreement. 

U.S. President Donald Trump said Monday that the American military had begun a blockade of Iranian ports as part of his effort to force Tehran to open the Strait of Hormuz. Iran responded with threats on all ports in the Persian Gulf and the Gulf of Oman, taking aim at U.S.-allied countries.

The May crude oil contract was up US$2.51 at US$99.08 per barrel.  

The price for a barrel of Brent crude, the international standard, rose 4.4 per cent to settle at US$99.36 and is well above its roughly US$70 level from before the war.

“The move up in oil prices is driven largely because of the U.S. blockade in the Strait of Hormuz, so that’s taken away any hope of incremental oil cargoes going through the strait, at least for an indefinite period,” said Al Salazar, head of macro oil and gas research at Enverus. 

A blockade would keep even more oil off the global market, after prices already jumped for everyone worldwide because of Iran’s restrictions on traffic in the important strait. The narrow waterway is how much of the oil produced in the Persian Gulf area reaches customers worldwide.

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“The view that markets are taking when you compare near-term, immediate delivery oil prices … and compared to what the futures market is pricing for oil, there is still an expectation that this is going to get resolved to some extent and oil prices will come down pretty substantially,” Joyce said.

On the TSX, the technology sector led the gains. 

“Technology on both sides of the border has had a rough ride over, really, the last six months, and so it would be some money moving back into that sector that sees some value,” Joyce said.

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“We would agree with that there is some value in that space now that we’ve had both some price correction on some of these names and also a continuation of earnings continue to flow through.” 

The June gold contract was down US$20.00 at US$4,767.40 an ounce. 

The Canadian dollar traded for 72.40 cents US compared with 72.33 cents US on Friday.

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Daniel Johnson, The Canadian Press

— With files from The Associated Press. 

This report by The Canadian Press was first published April 13, 2026.