Stock markets fall as oil tops US$95 per barrel; Canadian energy names rise
BNN Bloomberg
Canadian and U.S. markets fell on Thursday as investors saw no clear end in sight to the U.S.-Israeli war on Iran.
“I don’t think this is surprising to see the seesaw action that we’ve had since the outbreak of hostilities. It’s a fluid situation and markets are reacting given every little piece of news,” said Brent Joyce, chief investment strategist at BMO Private Wealth.
He said it appears the conflict is not over despite comments from U.S. President Donald Trump earlier in the week that the war was essentially complete.
“The main pinch point for the global economy and for markets is clearly energy getting out of the Gulf and the Strait of Hormuz,” Joyce said.
The April crude oil contract was up US$8.48 at US$95.73 per barrel. The S&P/TSX composite index was down 279.23 points at 32,840.60.
Despite the TSX’s decline, the increase in oil prices was still helping the index outperform some of its global counterparts, Joyce said, with the energy sector finishing in positive territory on the day.
The impact of the Iran war on fuel prices in Canada may encourage more drivers to go electric, some experts say, but others warn the conflict will drive up prices of "pretty much everything."
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