TORONTO - Canada’s main stock index fell more than 350 points in late-morning trading as the price of oil rose to top US$90 a barrel after attacks on two Saudi oil tankers in the Red Sea.

The September crude oil contract was up US$5.40 at US$92.23 per barrel as U.S. President Donald Trump threatened “major military punishment” against the Houthi rebels in Yemen, who are backed by Iran, if they keep attacking ships.