The S&P/TSX Composite Index rose 0.5% to trade above 34,000 on Thursday as investors weighed signals that a Middle East peace deal could soon be struck. A Pakistani mediator in Tehran and the US administration indicated progress toward a deal that would reopen the Strait of Hormuz. Oil prices continued rising amid supply uncertainty, though well below recent peaks. Energy stocks extended gains, with Suncor Energy and Canadian Natural both up nearly 1%. Meanwhile, major banks such as TD and BMO traded near flat as the oil rally cooled and energy-driven stagflation fears eased. In addition, European buyers, including Germany’s Uniper, are exploring long-term LNG purchases from Canada’s Pacific coast via the Panama Canal to diversify supply amid Iran tensions. Elewhere, gold prices rose, lifting Agnico Eagle and Franco-Nevada by about 0.5%.
