The S&P/TSX Composite Index dropped around 0.2% to below the 26,500 mark on Thursday, pulling back from its record high as retreating oil prices, faltering trade hopes and heightened geopolitical risks weighed on Canada’s markets. A slide in crude dragged Canadian Natural, Suncor and Cenovus down between 0.9% and 1.5%, while financial and technology stocks also traded firmly in the red. President Trump’s announcement that he will dispatch unilateral tariff letters to major trading partners in the coming weeks further clouded the outlook for export-reliant sectors. Against this backdrop, escalating tensions in the Middle East spurred a rotation into safe-havens, capping what was overall a cautious session for the TSX.