2026.04.0913:58:11UTC+00TSX Trades Muted Amid Geopolitical Uncertainty

The S&P/TSX Composite Index was little changed on Thursday, as rising tensions in the Middle East and uncertainty over the reopening of the Strait of Hormuz drove oil prices higher. US President Trump warned that the conflict with Iran could escalate significantly if peace talks break down and reiterated that US military assets will remain in the region until an agreement is reached.

The jump in oil prices reignited inflation concerns linked to a potential supply shock, pushing bond yields higher and reviving worries about softer credit demand and possible interest rate hikes. This weighed on financial stocks, with both Royal Bank of Canada and Brookfield edging lower.

By contrast, energy and mining shares benefited from the rise in oil and gold prices. Canadian Natural Resources advanced more than 1%, Suncor Energy gained nearly 1%, Agnico Eagle climbed over 1%, Barrick added close to 1%, and Wheaton Precious Metals rose nearly 2%.