TSX Slumps as Oil Prices Soar Following Trump's Rejection of Iranian Peace Deal

The TSX and other major indices took a hit on Monday due to rising oil prices, as Brent crude futures surged nearly 4% to $108.25 a barrel after US President Donald Trump rejected Iran's peace deal.

Canada's largest market saw the TSX drop 311.03 points to close at 35,489.86. The Canadian dollar also fell by 0.10 cents to 70.55 cents.

In company news, IPCO shares declined $0.08 to $34.53 after International Petroleum repurchased 148,500 shares under its normal course issuer bid.

Technology stocks were not immune to the decline, but Shopify managed to gain $3, or 1.5%, to $204.20. Draganfly also rose 39 cents, or 5.2%, to $7.89 after Unusual Machines and a US investment fund each invested $5 million.