The S&P/TSX Composite Index rose nearly 1% to trade close to 36,000 on Friday as oil prices retreated on expectations that diplomatic efforts could ease tensions around the Strait of Hormuz. Gulf foreign ministers are expected to meet their Iranian counterpart in Oman on Monday to seek support for a temporary arrangement governing shipping through the strait. Major banks including TD Bank, BMO, Scotiabank and CIBC gained about 1% each. Rebounding gold prices lifted mining stocks, with Agnico Eagle, Franco-Nevada and WPM up more than 2.5%, while Barrick rose more than 2%. Copper recovered after Thursday's decline weighed heavily on copper miners, helping Hudbay Minerals rise more than 1.5% after its previous-session drop of over 7%. Descartes Systems jumped about 4.5% after reporting second-quarter revenue slightly above estimates.