The S&P/TSX Composite Index fell 0.2% to close at 26,506 on Thursday as escalating Israel–Iran hostilities and rising speculation over potential U.S. intervention spurred risk aversion. In Washington, President Trump’s announcement that he will decide on U.S. involvement “within two weeks” tempered the immediacy of a Middle East supply shock - even as his earlier “may attack, may not attack” warnings had amplified geopolitical uncertainty. At the same time, the Federal Reserve’s decision to hold rates steady and scale back projected cuts amid heightened trade tensions and Middle East risks reinforced a cautious policy backdrop. Base-metals and precious-metals miners led the decline, Agnico Eagle, Wheaton Precious, and Barrick Gold each lost between 0.5% and 1.3%, while energy producers bucked the trend as oil prices hovered near multi-month highs on lingering fears of supply disruptions.