2026.10.3014:02:44UTC+00TSX Falls as Oil Rebound Revives Inflation Fears

The S&P/TSX Composite Index fell more than 1%, slipping below 36,000 as rebounding oil prices reignited inflation worries. Crude advanced after a tanker attack in the Strait of Hormuz highlighted renewed supply risks. These energy-driven inflation concerns have weighed on major banks since the onset of the US–Iran war, increasing the likelihood that interest rates will remain elevated for longer. Shares of TD Bank, BMO, and National Bank each lost more than 1%.

At the same time, weaker gold prices dragged on heavyweight miners, with Agnico Eagle and Barrick dropping more than 4%, and Wheaton Precious Metals sliding nearly 5%. Elsewhere, Cameco tumbled 11% after posting a net loss for the third quarter of 2026 despite reporting higher revenue. Imperial Oil edged lower even as it beat profit expectations, while Canadian National Railway gained nearly 1.5% after delivering strong results.

For the week, the TSX was on track to end roughly flat, while still logging a gain of more than 1.5% for the month.