Canadian and U.S. equity markets moved higher on Wednesday despite continued uncertainty surrounding the conflict involving Iran and ongoing pressure on global energy markets.

The S&P/TSX Composite Index gained nearly 150 points, while major U.S. benchmarks also posted strong advances. The Dow Jones Industrial Average rose more than 340 points, while the S&P 500 reached another record high. The tech-heavy Nasdaq Composite also climbed sharply during the session.

Investors continued to assess geopolitical developments after U.S. President Donald Trump signaled support for extending a ceasefire while maintaining restrictions affecting Iranian oil exports. Market participants appeared cautiously optimistic that tensions would not escalate further, although uncertainty around the conflict remained elevated.

Oil prices continued their upward trend amid concerns about global supply disruptions. U.S. crude oil futures settled above $92 per barrel, providing support for energy-related sectors and commodity-linked markets.

In Canada, strength in mining and materials stocks contributed to gains on the TSX as precious metal prices moved higher. Gold futures also advanced during the trading session.

Among individual companies, shares of Rogers Communications surged after the telecom provider reported stronger quarterly earnings and announced plans to significantly reduce capital expenditures compared with the previous year. The company also posted higher revenue and profit figures year-over-year.

Cannabis-related stocks were also active following reports that the U.S. administration may move toward reclassifying marijuana under federal regulations. Investors viewed the potential policy shift as a possible benefit for the industry by easing certain regulatory and tax pressures.

Shares of Tilray Brands and Canopy Growth both posted double-digit percentage gains during the session.

Meanwhile, the Canadian dollar traded slightly lower against the U.S. dollar compared with the previous day.BNNBloomberg