The Globe and Mail reports in its Friday edition that stock markets rallied in Canada and the United States after President Donald Trump called off a threat to bomb Iran, raising hopes for a deal between the countries. A wire services item says stocks immediately veered higher, and oil prices turned lower, in midday trading after Mr. Trump said on his social-media network that "discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved" and that the time and place of a signing will "be announced shortly." Iran's Foreign Ministry said mediators were active and that nothing had been finalized. A deal to end the war with Iran could reopen the Strait of Hormuz. The July crude oil contract fell $2.32 (U.S.) at $87.71 (U.S.) a barrel. Worries had been high because the United States and Iran launched attacks over the past several days threatening a more than month-long tenuous ceasefire. Markets have already seen cycles of threats and de-escalations since hostilities began in late February. The S&P/TSX Composite Index was up 520.14 points at 34,671.46. In New York, the Dow added 929.97 points, while the Nasdaq composite was up 640.16 points at 25,809.66.