TSX Futures Rise as Oil Pulls Back

The S&P/TSX Composite Index rose nearly 1% to trade close to 36,000 on Friday as oil prices pulled back on prospects for diplomatic efforts to ease tensions around the Strait of Hormuz. Gulf foreign ministers are expected to meet their Iranian counterpart in Oman on Monday as part of efforts to secure support for a temporary arrangement to manage shipping through the strait. The halt in the oil rally allowed equities to enjoy some respite. Major banks were higher, with TD Bank, BMO, Scotiabank and CIBC gaining about 1% each. Gold prices rebounded, supporting heavyweight mining stocks, with Agnico Eagle, Franco-Nevada and WPM rising more than 2.5%, while Barrick gained more than 2%. Copper rebounded after its decline on Thursday dragged copper miners sharply lower. Hudbay Minerals rose more than 1.5% after sinking over 7% in the previous session. Elsewhere, Descartes Systems jumped about 4.5% after reporting second-quarter revenue slightly above estimates.

Futures tracking Canadian stocks rose on Friday as oil prices pulled back on prospects for diplomatic efforts to ease tensions around the Strait of Hormuz. Gulf foreign ministers are expected to meet their Iranian counterpart in Oman on Monday as part of efforts to secure support for a temporary arrangement to manage shipping through the strait. The halt in the energy prices surge allowed equities to enjoy some respite. Meanwhile, the US CPI held steady at 3.4% annually in August 2026, loosely aligned with expectations. Gold prices rebounded, supporting heavyweight mining stocks, while copper extended its decline after dragging copper miners lower on Thursday. Elsewhere, Descartes Systems reported second-quarter revenue slightly above estimates.

The S&P/TSX Composite Index fell 1.1% to close at 35,506 on Thursday, as rising oil prices and higher bond yields added to inflationary pressures. Oil prices jumped as fears of prolonged energy supply disruptions intensified following the biggest wave of attacks on shipping in the Strait of Hormuz by Washington and Tehran on Wednesday. Global yields moved higher on concerns over prolonged inflation, weighing on equities. Falling gold prices pressured miners, with Agnico Eagle losing 2.8%, Barrick shedding 2.3%, and WPM falling 3.7%. Copper prices also declined, dragging Hudbay down 7.3% and Capstone 9.3%. Enbridge shed 3.7% after announcing it would buy Tallgrass Energy’s crude oil business, acquiring a majority stake in the Pony Express Pipeline and other assets.