TSX Slips from Record High Amid Israel-Iran Tensions

The S&P/TSX Composite Index fell 0.4% to close at 26,504 on Friday, pulling back from Thursday’s record high as escalating Israel-Iran tensions drove a shift toward safe-haven assets.

The decline followed Iran’s retaliation for Israel’s strikes on its nuclear and missile facilities, with over 100 missiles reportedly launched, stoking fears of a broader conflict and fueling gains in gold and crude oil prices.

Crude surged 7%, lifting energy stocks such as Canadian Natural Resources (+2.7%), Suncor (+4.3%), and Imperial Oil (+3.4%).

Gold prices also rose 1% amid heightened geopolitical risk, boosting Agnico Eagle (+1.9%) and Barrick Gold (+2.8%).

Despite Friday’s dip, the index notched its third consecutive weekly gain, rising 0.6%, supported by optimism over a potential Canada-US trade deal ahead of the upcoming G7 summit.

US Treasury Secretary Scott Bessent confirmed he will attend the summit in Canada alongside President Donald Trump and meet with Prime Minister Mark Carney.