TSX Edges Lower Amid Rising Oil Prices and Geopolitical Tensions

The TSX composite index edged lower on Thursday as oil prices increased due to geopolitical tensions. The October crude oil contract rose US$2.44 to US$86.83 per barrel, with uncertainty surrounding the U.S.-Iran conflict and its impact on global energy supplies.

According to Steve Locke, chief investment officer for fixed income and multi-asset strategies at Mackenzie Investments, 'The real issue right now is that the threat overhangs the market, that hostilities could recommence.' He emphasized the concern over shipping through the Persian Gulf, which accounts for a significant portion of global oil supplies.

The S&P/TSX composite index declined 36.37 points to 36,365.42, led by losses in the financial sector. The Canadian dollar also depreciated slightly, trading at 72.54 cents US compared to 72.34 on Wednesday.