The S&P/TSX Composite Index fell 1.1% Thursday to close at 35,506 as rising oil prices and bond yields intensified inflation concerns. Oil prices jumped after fears of prolonged energy supply disruptions grew following the biggest wave of attacks on shipping in the Strait of Hormuz by Washington and Tehran on Wednesday. Global yields rose amid concerns that inflation could remain elevated after hotter-than-expected US PPI data and ahead of Friday’s CPI report, while increased expectations for a Federal Reserve rate hike pressured credit-sensitive stocks. Most major Canadian banks traded lower. Falling gold prices weighed on miners, with Agnico Eagle down 2.8%, Barrick losing 2.3% and WPM falling 3.7%. Lower copper prices pushed Hudbay down 7.3% and Capstone down 9.3%. Enbridge shed 3.7% after announcing a $2.55 billion cash purchase of Tallgrass Energy’s crude oil business, including a majority stake in the Pony Express Pipeline and other assets.