Canadian Energy Stocks Slide as Iran Assures Hormuz Commercial Passage

Dow Jones04-17 22:11

By Adriano Marchese

Canadian energy stocks fell sharply with tumbling oil prices Friday after Iran signaled it would keep the Strait of Hormuz open to commercial traffic.

Iran's foreign minister, Abbas Araghchi, said the strait would remain open following the Israel-Lebanon ceasefire, triggering an 10% drop in crude and erasing much of the geopolitical risk premium that had built up in recent weeks.

The price of oil reached just under $82 a barrel on Friday, pulling Canadian energy stocks down in tandem.

The Strait of Hormuz, a narrow chokepoint through which about a fifth of the world's oil flows, became a flashpoint after the conflict between U.S., Israel and Iran erupted on Feb. 28, raising fears that commercial traffic could be blocked in the key passage.

In the following weeks, crude prices swung sharply as traders priced in the risk of a wider regional escalation. The volatility helped lift Canadian energy stocks in recent weeks as investors sought to benefit from higher oil prices.

Canadian Natural Resources, Suncor Energy and Imperial Oil were among the biggest decliners, falling 7%, 4.5% and 4.2%, respectively. Smaller names like Cenovus and Strathcona Resources also fell on the news, with their shares down 6.8% and 6.3%, respectively.

The decline was in lockstep with other major names such as Exxon Mobil, Chevron and ConocoPhilips, which were trending lower as well.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

April 17, 2026 10:11 ET (14:11 GMT)

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