The S&P/TSX Composite Index edged down 0.1% to close at 31,935 on Monday, as gains in commodity markets were not enough to counter broader market volatility and mounting stagflation concerns. Crude oil prices advanced toward their highest levels since 2022, driven by Houthi threats to Red Sea exports and President Trump’s ultimatum over Iranian energy infrastructure. However, the index was weighed down by weakness in the financial sector. Royal Bank of Canada slipped 0.2% and CIBC declined 0.8%, as investors balanced the benefit of resilient net interest margins against the risk of an economic slowdown stemming from potential energy shortages. The mining sector offered some relative support, with Nutrien up 1.5% and OceanaGold gaining 1.6%. Still, overall sentiment was undermined by a 7.8% drop in Celestica and broad-based weakness among major energy producers, including Suncor.