Markets

Stock markets rallied in Canada and the U.S. after U.S. President Donald Trump called off a threat to bomb Iran, raising hopes for a deal between the countries.

U.S. stocks are climbing, and oil prices are falling Thursday after U.S. President Donald Trump called off his threat to bomb Iran in the evening.

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OPEC on Thursday lowered its forecast for world oil demand growth in 2026 to 970,000 barrels per day, a copy of its monthly report showed, marking the second straight downward revision.

The United States has become the world’s largest oil exporter, upending a decades-old order long dominated by Saudi Arabia and Russia, a shift that tightens American companies’ grip on energy markets as Washington’s war with Iran reshapes global energy trade.

Another sell-off for artificial-intelligence stocks helped drag the U.S. market sharply lower, as stocks continue to face heavy scrutiny for their success.

Canada’s main stock index fell more than 250 points on Wednesday, weighed down by losses in the basic materials sector, as U.S. markets also fell. 

U.S. crude stocks fell sharply last week as refiners continued to boost activity to fill supply gaps caused by the Iran war, the Energy Information Administration said on Wednesday.

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The U.S. dollar eased on Wednesday after data showed U.S. consumer inflation rose to its highest level in three years in May, though the reading was in line with economists’ expectations, marginally reducing the chances of the U.S. Federal Reserve hiking rates this year.

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Canada’s main stock index finished in negative territory, weighed down by declines in commodity prices, while high-flying AI stocks sent Wall Street reeling. 

Another sudden reversal for high-flying artificial-intelligence stocks sent Wall Street reeling on Tuesday.

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U.S. Energy Secretary Chris Wright said on Tuesday that ship traffic in the Gulf and oil exports through the Strait of Hormuz are rising even as Washington and Tehran struggle to reach a deal on ending their more than three-month-old war.