TSX Holds Steady as U.S.-Iran Tensions Spike Following Vessel Seizure

The S&P/TSX Composite Index closed Monday at 34,360.03, gaining 13.74 points or 0.04%, as markets reacted to a volatile mix of geopolitical instability and domestic economic data. While the index regained some early losses, momentum stalled throughout the session. Tensions between the U.S. and Iran spiked after President Donald Trump announced the seizure of the Iranian-flagged vessel Touska. The move follows a failed diplomatic effort in Islamabad led by Vice President JD Vance, raising fears of a total collapse of the current two-week ceasefire set to expire on April 22. In response, Iran has tightened control over the Strait of Hormuz, leaving energy-carrying ships stranded. While President Trump suggested a deal remains possible, he simultaneously threatened the destruction of Iranian power plants and bridges if terms are not met. This escalation has driven a surge in crude oil prices due to heightened supply disruption concerns. On the domestic front, Statistics Canada reported March headline inflation at 2.40%, slightly below the 2.50% forecast, though up from February's 1.80%. The Consumer Price Index increased 0.90% month-over-month, while annual core inflation rose to 2.50%. Sector performance was mixed, with Healthcare (+2.85%) and IT (+1.58%) leading gains. Energy stocks rose 0.76% amid the oil price surge. Conversely, Materials (-1.36%) and Real Estate (-1.13%) faced declines. Notable individual movers included Blackberry Limited, which jumped 13.12%, and Curaleaf Holdings, which rose 11.23%.