Bay Street Likely To Open On Weak Note

(RTTNews) - Canadian stocks may open on a weak note Thursday morning amid renewed concerns about Middle East war as Iran halted the passage of oil tankers through the Strait of Hormuz after accusing the United States of violating three clauses of the 10-Point Proposal.

Oil prices moved up sharply, raising concerns about inflation and monetary tightening by central banks.

West Texas Intermediate Crude oil futures are up $4.58 or 4.85% at $98.99 a barrel.

Gold futures are down $7.50 or 0.16% at $4,769.70 an ounce, while Silver futures are down $0.875 or 1.1% at $74.510 an ounce.

In company news, Magna International Inc.(MG.TO) said today that it has inked deals to divest its lighting business through two separate transactions as well as its rooftop systems business in a third transaction.

The financial terms of transactions, expected to be completed in the second half of 2026, were not disclosed.

Canadian stocks climbed higher on Wednesday as investor sentiment received a boost after the U.S. and Iran agreed to halt their mutual attacks for a two-week period and explore a framework for negotiations to end hostilities.

The benchmark S&P/TSX Composite Index traded firmly positive through the session before settling at 33,620.57, up by 383.05 points or 1.15%.

Asian stocks ended mostly lower on Thursday amid growing signs of fragility in the two-week ceasefire pact between the United States and Iran. The Islamic Republic closed the Strait of Hormuz after claiming that several terms of the ceasefire agreement had been breached.

The major European markets are down in negative territory amid uncertainty surrounding U.S.-Iran truce, with Tehran accusing the U.S. of breaching several terms of the ceasefire agreement.