"The price for a barrel of benchmark U.S. crude tumbled 10.8 per cent to $81.28 US. Brent crude, the international standard, dropped 10.3 per cent to $89.13 US."
"The apparent reopening of the Strait of Hormuz is the clearest yet signal for optimism, and U.S. President Donald Trump said in a speech late Thursday that the war 'should be ending pretty soon,' although the timing remains unclear."
"A strong start to the earnings reporting season for big U.S. companies has also helped to support the U.S. stock market, and several more financial companies joined the list Friday of companies delivering bigger profits for the start of 2026 than analysts expected."
"Several times since the war began, optimism on Wall Street has quickly swung to doubt about a possible end to the fighting. That in turn has caused sudden swings of prices for everything from stocks to bonds to oil."
Oil prices dropped significantly, with U.S. crude falling 10.8% and Brent crude down 10.3%. The reopening of the Strait of Hormuz has led to optimism in the markets, contributing to a rally in U.S. stocks. The S&P 500 rose 0.8%, and the Dow Jones increased by 678 points. Despite the positive sentiment, caution remains as prices are still above pre-war levels. Strong earnings reports from major companies have also supported the stock market's upward trend.
Read at www.cbc.ca
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