The S&P/TSX Composite Index was little changed on Thursday, trading near 32,500 as conflicting signals over the Middle East conflict kept investors cautious. President Trump claimed Tehran was seeking a deal, while Iran’s foreign minister said the government was only reviewing Washington’s proposal and had no intention of entering talks. The mixed messages left markets uncertain about the outlook for restoring crude flows through the Strait of Hormuz.
Oil prices rose on fears that prolonged hostilities could further disrupt energy supplies. The rally in crude revived stagflation concerns, pushing bond yields higher and weighing on credit demand. Even so, most major banks posted modest gains: TD and RBC edged up, and Brookfield advanced by nearly 1%.
Higher oil prices supported energy shares, while weaker bullion undermined gold miners. Canadian Natural added 0.2% and Whitecap climbed 0.7%, whereas Barrick slipped 1%. Elsewhere on the index, Shopify gained more than 1%, tracking a broader rally in U.S. software stocks.
