S&P/TSX composite up, oil down, amid hopes end to Iran war nearing

Financial numbers flow on the digital ticker tape at the TMX Group in Toronto's financial district on May 9, 2014. THE CANADIAN PRESS/Darren Calabrese

TORONTO — Canada’s main stock index was up more than 300 points while the price of oil fell in late-morning trading on hopes that U.S. and Iran could be nearing a deal to end their war and reopen the Strait of Hormuz.

The S&P/TSX composite index was up 338.10 points at 34,809.46.

U.S. stock markets are closed today for the Memorial Day holiday, but President Donald Trump said that negotiations with Iran are “proceeding nicely,” while reiterating his warning that fighting would resume if no deal is reached.

The Canadian dollar traded for 72.47 cents US compared with 72.42 cents US on Friday.

The July crude oil contract was down US$5.80 at US$90.80 per barrel.

The June gold contract was up US$49.10 at US$4,572.30 an ounce.

This report by The Canadian Press was first published May 25, 2026.

With files from The Associated Press