TSX Falls as Oil Rebound Revives Inflation Fears

2026-10-30 14:02 By Isabela Couto 1 min. read

The S&P/TSX Composite Index fell more than 1% to below 36,000 as oil prices rebounded, renewing inflation concerns.

Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks.

Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war, raising the risk of interest rates staying higher for longer.

TD Bank, BMO and National Bank fell more than 1%.

Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle and Barrick down over 4% and Wheaton Precious Metals shedding nearly 5%.

Elsewhere, Cameco sank 11% after reporting a net loss in the third quarter of 2026 despite higher revenue.

Imperial Oil edged lower despite beating profit estimates, while Canadian National Railway gained nearly 1.5% after also posting strong results.

The TSX was on track to close nearly flat for the week and gain more than 1.5% for the month.



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TSX Falls as Oil Rebound Revives Inflation Fears
The S&P/TSX Composite Index fell more than 1% to below 36,000 as oil prices rebounded, renewing inflation concerns. Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war, raising the risk of interest rates staying higher for longer. TD Bank, BMO and National Bank fell more than 1%. Meanwhile, lower gold prices pressured heavyweight miners, with Agnico Eagle and Barrick down over 4% and Wheaton Precious Metals shedding nearly 5%. Elsewhere, Cameco sank 11% after reporting a net loss in the third quarter of 2026 despite higher revenue. Imperial Oil edged lower despite beating profit estimates, while Canadian National Railway gained nearly 1.5% after also posting strong results. The TSX was on track to close nearly flat for the week and gain more than 1.5% for the month.
2026-10-30
TSX Futures Slip as Oil Rebound Renews Inflation Concerns
Futures tracking Canadian stocks slipped on Friday as oil prices rebounded, renewing inflation concerns. Crude rose after a tanker attack in the Strait of Hormuz underscored supply risks. Energy-driven inflation concerns have weighed on major banks since the start of the US-Iran war by raising the risk of interest rates staying higher for longer. Meanwhile, falling gold prices put pressure on mining shares. Elsewhere, Cameco traded lower in US premarket trading after reporting a net loss in the third quarter of 2026, despite higher revenue. In contrast, Imperial Oil topped profit estimates, supported by elevated crude prices, while Canadian National Railway also posted strong results. The S&P/TSX Composite Index remained on track for a weekly gain of more than 1%.
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TSX Closes Flat as Mining Losses Offset Bank Gains
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