24.04.202613:53:31UTC+00TSX Slips Amid US-Iran Standoff

The S&P/TSX Composite Index slipped below 34,000 on Friday as investors tracked an escalating standoff between the US and Iran, which kept oil prices elevated amid uncertainty surrounding a fragile ceasefire. Tehran responded to the US blockade by asserting its control over the Strait of Hormuz, with few indications that the key shipping lane will reopen in the near term. The resulting rise in Brent crude prices has intensified inflation worries and global growth concerns, weighing on major banks and the broader index.

In Canada, producer prices rose 2.4% month-on-month in March, driven by sharp increases in energy, petroleum products, and chemicals linked to the Iran conflict, heightening expectations of potential central bank rate hikes. Shares of Bank of Montreal and Royal Bank of Canada each fell 0.5%. Energy producers also retreated on lower crude prices, with Canadian Natural Resources slipping more than 1%. Gold prices inched higher, offering some support to miners: Barrick Gold gained nearly 1%, while Agnico Eagle posted a modest advance.