The S&P/TSX Composite Index fell 0.9% to close at 35,490 as renewed gains in oil prices revived concerns about inflation. Oil resumed its rally after US President Donald Trump rejected Iran’s latest proposal to reopen the Strait of Hormuz, raising concern that energy-driven price shocks could keep interest rates elevated for longer. Higher yields pressured credit-sensitive stocks, with CIBC and National Bank each losing 1%. Mining shares also declined as gold prices fell, led by Agnico Eagle’s 5.1% drop, Barrick’s 4.1% slide and WPM’s 5% loss. Energy producers moved higher, with Cenovus up 0.7% and Suncor gaining 0.9%. Canadian GDP data due Tuesday could provide signals on economic momentum and the Bank of Canada’s future policy path.