TORONTO – Canadian and U.S. stock markets shot higher in early trading and the price of oil plunged more than 10 per cent after U.S. President Donald Trump and Iran’s foreign minister said the Strait of Hormuz is fully open.
The June crude oil contract was down US$10.33 at US$80.84 per barrel.
The S&P/TSX composite index was up 161.09 points at 34,213.32.
In New York, the Dow Jones industrial average was up 641.87 points at 49,220.59. The S&P 500 index was up 51.23 points at 7,092.51, while the Nasdaq composite was up 248.41 points at 24,351.11.
The Canadian dollar traded for 73.22 cents US compared with 72.94 cents US on Thursday.
The June gold contract was up US$91.50 at US$4,899.80 an ounce.
This report by The Canadian Press was first published April 17, 2026.
— With files from The Associated Press.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
