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The S&P/TSX Composite Index edged up to trade above 34,500 on Thursday, rebounding from earlier losses after reports said the US and Iran had reached an outline agreement to extend their ceasefire, pending approval from US President Trump. The development followed Iran’s attack on a US air base in response to US strikes on an alleged Iranian drone operation. Bond yields fell amid signs of progress toward a peace deal. Mining stocks rebounded as gold prices trimmed losses, with Agnico Eagle and Barrick gaining nearly 2%, while WPM rose more than 2.5%. Tech stocks also advanced, with Shopify jumping nearly 6% and Constellation Software adding over 3.5%, tracking gains in US hardware and software shares. UBS also reiterated its “neutral” rating on Shopify and maintained its $130 target price. Meanwhile, major banks traded lower despite strong quarterly results from RBC (-0.9%) and TD Bank (-0.2%).

TSX Rebounds on US-Iran Diplomacy Hopes

Canola increased to 768.00 CAD/T, the highest since April 2026. Over the past 4 weeks, Canola gained 0.43%, and in the last 12 months, it increased 6.44%.

Canola Hits 4-week High

US gasoline future were at $3.15 per gallon in late May, their lowest in over one month, on expectations of respite in supply following reports that Iran and the US agreed to a truce in their conflict. The reports pointed to a 60-day memorandum that would extend the current ceasefire and pave the way to restore exports of crude oil and refined products through the Strait of Hormuz within a month of the agreement. Energy exports from the key region have been at a standstill since the first week of March, driving global oil inventories to drop at a record pace, per the IEA. Likewise, gasoline stocks in the US sank for the 15th consecutive week in May, as refineries have been operating at full capacity with feedstock from the SPR. Refinery capacity was also lower for motor gasoline as refiners switched to distillates in an attempt to prevent diesel and jet fuel shortages.

Gasoline Drops to 1-Month Low

European stocks closed a choppy session slightly lower on Thursday, well above session lows on signs of a potential agreement between US and Iran. The Euro STOXX 50 fell 0.3% to 6,055 and the STOXX Europe 600 fell 0.5% to 625. Reports indicated the US and Iran were close to agreeing on a 60-day memorandum that extends the ongoing ceasefire and gradually restores the flow of vessels and tankers through the Strait of Hormuz. Energy commodities and sovereign yields pulled back. Still, banks and insurers extended the losses from yesterday with Santander, Allianz, and AXA dropping around 2%. Industrials were also down with Siemens and Schneider dropping around 1% each. Still, stocks of AI infrastructure companies were higher with ASML adding 1% and Infineon jumping 4.5%. Also, Rheinmetall soared 5% after Ukraine ratified a $105 billion EU loan deal.

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