TSX Tumbles Amid Metal Price Drop and Crude Surge

The TSX fell by 353.09 points, or 1%, to near noon EDT on Monday at 35,447.80 due to a decline in metal prices weighing heavily on mining stocks.

A steep drop in metal prices impacted miners such as Aris Mining, AbraSilver Resource, and NovaGold Resources, with each of them losing between 6% and 7.4% respectively.

On the other hand, Brent crude futures gained nearly 4% to about $108.25 a barrel after U.S. President Donald Trump rejected a peace deal from Iran to resolve their conflict and reopen the Strait of Hormuz.

The Canadian dollar also fell by 0.06 cents to 70.58 cents. In company news, International Petroleum repurchased 148,500 shares last week under its normal course issuer bid, continuing its share buyback program.