Markets Surge on Hopes of Strait of Hormuz Deal

Global markets are on an upward trend due to hopes of a deal being reached to reopen the Strait of Hormuz. U.S. President Donald Trump said that a deal could come as early as Wednesday, which would ease pressure on the global economy and potentially bring an end to the war.

The S&P/TSX composite index has seen significant gains, rising by 480.44 points to 36,282.03. The Dow Jones industrial average has also increased, up 593.27 points at 54,679.15. Other indices, such as the S&P 500 and Nasdaq composite, have seen smaller but still notable gains.

The Canadian dollar is trading at 71.33 cents US, a slight increase from Tuesday's rate of 71.08 cents US. However, crude oil prices are down, with the September contract falling by 61 cents US to $75.16 per barrel. In contrast, gold prices have risen, with the December contract increasing by $146.20 to $4,298.80 an ounce.