Markets struggle amid oil concerns

Melisa R. H. Posted On March 11, 2026

As more oil tankers are attacked in the Strait of Hormuz during the US-Israel-Iran war, markets struggled to make gains on Wednesday. The S&P finished -0.08%, the Nasdaq up by that much, the Dow -0.61% and the TSX -0.46% or down more than 150 points. The IEA released a record 400 million barrels of oil from its strategic reserves to bring down oil prices. WTI rose 5.75% to US$88.25. Gold slipped US$15 to US$5,177 and silver declined 2.8% to US$85.75.

In Toronto, energy stocks spiked, but tech, staples and materials led eight sectors down. Key names: CNQ 3.33%, Cenovus 4.58%, Telus -3.11%, Goeasy -18.2% and Constellation Software -8.12%. In addition to oil, fertilizer is blocked from entering the Strait of Hormuz; Mosaic soared 10.08%. Elsewhere in New York, Oracle rallied 9.18%, Conagra Brands closed -6.08%, Campbell’s -7.05%, and Fair Isaac -9.33%. Bitcoin added 0.33% to US$70,480 while the U.S. 10-year yield held at 4.22%.