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The S&P/TSX Composite Index rose 0.9% to close at 36,336, hitting an over two-week high, as investors assessed prospects for US-Iran talks. US President Trump said US officials had a “very good” meeting with Iranian envoys at the UN General Assembly and that another was being planned for the near future. A senior Iranian official said Iran could reopen the Strait of Hormuz within days if the US eased military pressure and lifted its blockade on Iranian ports. The pullback in the oil rally, which has fueled inflationary pressures and prompted central banks to raise interest rates, supported equities. Miners gained as gold prices rebounded, with Agnico Eagle rising 3.4%, Barrick adding 3.1%, and WPM advancing 4.5%. Shopify surged 7.4% on news that the company partnered with Meta to enable purchases through Meta’s Muse AI agent using Shop Pay. Financials closed lower after BoC Governor Macklem warned that rate decisions will need to balance slow growth against high energy costs.

TSX Hits Over Two-Week High

The Dow Jones Index dropped 185 points or 0.36 percent on Tuesday to close at 51864 points. Losses were led by Cisco Systems (-4.50%), JPMorgan (-3.35%) and American Express (-2.62%). Offsetting the fall, top gainers were Amgen (4.33%), Home Depot (2.74%) and Honeywell International (2.58%).

The Dow Jones Index Closes 0.36% Lower

Crude oil fell below $90 a barrel on Tuesday, extending losses into a 5th session after President Trump said US officials had a very good meeting with Iranian envoys and that there was a lot of momentum toward a deal. In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election. Iran’s proposal has been conveyed to the US, according to a senior Iranian government official. It includes the resumption of talks aimed at permanently ending the hostilities. If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said. Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday. The pipeline was reportedly already pumping at a low rate.

Brent Extends Losses on US-Iran Diplomacy Hopes

Crude oil fell below $90 a barrel on Tuesday, extending losses into a fifth session after US President Donald Trump said the US held three-hour talks with Iran on the sidelines of the UN General Assembly. In his UN address, Trump said he had a “big decision” to make on whether to seek a negotiated deal with Iran or “annihilate the Islamic Republic,” adding that he believed a deal would follow the election. Iran’s proposal has been conveyed to the US, according to a senior Iranian government official. It includes the resumption of talks aimed at permanently ending the hostilities. If the US were to take steps toward ending the blockade, which has been crippling Iranian oil exports, Iran would be prepared to reopen the Strait of Hormuz within seven days, the official said. Meanwhile, Saudi Arabia is reportedly preparing to restart its critical East-West pipeline, aiming to restore meaningful flows by Saturday. The pipeline was reportedly already pumping at a low rate.

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