Canadian Natural Resources, Suncor and Cenovus climbed roughly 2% apiece as Brent extended its August rally, while Royal Bank, TD and the gold miners gave back ground on rising bond yields.

Friday's close at 36,553.92 marked a third straight down session from the August 25 record. Monday's session opens with oil up more than 3% on the weekend's Iran-US exchange, a direct reversal of what pulled energy names lower Friday.

WTI peaked near $87 on August 21 and has fallen more than six percent since, even as the U.S. sanctions campaign against Iran grew tougher. The market is pricing military risk and economic risk very differently.

WTI has fallen for three straight sessions since Washington's sweeping new Iran sanctions, because the sanctions spared Iran's trading partners and a parallel Hormuz corridor deal is progressing. Canadian energy and inflation now cut in opposite directions.

Bessent's sanctions campaign is the broadest financial pressure on Iran since the war began, and oil markets read it as diplomacy, not supply disruption. The chain that would flip that reading runs through Beijing.

The TSX Composite closed nearly flat after gold miners and Canadian banks moved double digits in opposite directions, while US indices fell broadly on a semiconductor selloff ahead of the FOMC minutes.

Banks and miners fell, energy rose, and a semiconductor selloff that started in the US spread to South Korea overnight.

Energy and gold names had a strong Monday. Technology and rate-sensitive names didn't. The 30-year Treasury yield hitting its highest close since 2007 is what decides which story wins Tuesday.

A vessel struck overnight, Iran's language just got sharper, and Trump has widened the threat to a third country. Oil is up, but nowhere near March's peak. That gap is the story.

Trump and Iran's foreign minister traded accusations over control of the strait, but the price move came from the IEA and OPEC's demand forecasts, not the conflict itself.

Wednesday's record TSX session came with a 12 percent single stock surge and a near 5 percent single stock decline on the same day. The sector rotation underneath the headline number is the more durable signal.

Canadian energy and industrial strength pushed the TSX composite to 36,475.92 on Tuesday, even as the Dow, S&P 500, and Nasdaq all closed lower on fading Hormuz optimism.

Strathcona Resources led an 8.74 percent gain on rising Hormuz-driven crude, while Monday's worst performers fell on unrelated company-specific news.

Gold miners carried the index to 36,381.23 while banks lagged on BoC risk. Monday's early tape already shows oil reclaiming the leadership gold held Friday.

Last week's oil selloff assumed a Hormuz deal was close. Iran's weekend preconditions confirm it is not, and the chain runs straight back to the Bank of Canada's inflation math.

A quiet 0.03% index decline masked a 27% single-stock collapse and a 13% share-offering hit, while a blowout Canadian jobs report set up a stronger Friday open.