The S&P/TSX Composite Index rose 0.5% to close at 35,697 on Friday after oil prices pulled back on prospects for diplomatic efforts to 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. The pause in oil's rally helped Canadian equities recover, led by banks, gold miners and technology stocks. TD Bank and BMO each gained 0.8%, while Scotiabank rose 0.9%. Agnico Eagle climbed 2.2%, and WPM and Franco-Nevada each advanced 2.4%. Shopify rose 1.9%, Constellation Software added 2.5% and Celestica jumped 6.6%. Descartes Systems surged 6.9% after reporting second-quarter revenue slightly above estimates. Despite Friday's advance, the index declined 1.7% over the week.