Futures tracking Canadian stocks slipped on Friday as oil prices rebounded, rekindling inflation worries. Crude advanced after a tanker attack in the Strait of Hormuz highlighted ongoing supply risks. Concerns over energy-driven inflation have weighed on major banks since the outbreak of the US-Iran war, as higher oil prices increase the likelihood that interest rates will remain elevated for longer.
At the same time, weaker gold prices pressured mining stocks. In corporate news, Cameco traded lower in U.S. premarket action after posting a net loss for the third quarter of 2026, despite an increase in revenue. By contrast, Imperial Oil beat profit forecasts, benefiting from stronger crude prices, and Canadian National Railway also delivered robust earnings. Despite the mixed corporate and commodity backdrop, the S&P/TSX Composite Index remained on course for a weekly gain of more than 1%.