Canada’s primary stock index declined to its lowest level in nearly two weeks on Wednesday, as easing concerns over the conflict involving Iran led to a drop in oil prices and weighed heavily on energy and metal mining shares. The S&P/TSX Composite Index closed down 191.29 points, or 0.55 percent, at 34,736.09, marking its lowest finish since June 11.

Energy stocks were among the hardest hit, with the sector slipping 3.2 percent, while the materials group, which includes metal mining companies, fell 3.7 percent. The retreat in commodities was driven largely by a decline in crude oil prices following reports that more oil tankers, previously stranded at the Strait of Hormuz due to geopolitical tensions, had resumed passage, easing supply concerns. West Texas Intermediate (WTI) crude closed 3.9 percent lower at US$70.34 per barrel. Brent crude also weakened, touching a low of US$73.12, its weakest level since late February, the day prior to U.S.-Israeli military actions targeting Iran.

Precious metals and base metals also moved lower as a stronger U.S. dollar, supported by rising expectations of Federal Reserve interest rate increases, pressured commodity prices. Gold prices fell 2.6 percent, while copper declined 3.4 percent amid the shifting monetary outlook. Notably, NovaGold Resources shares dropped 14.4 percent following the company’s release of a wider net loss for the second quarter.

Despite the overall market softness, the TSX’s technology sector bucked the downward trend, gaining 3.3 percent. E-commerce firm Shopify contributed significantly to this performance, with shares rising 6.1 percent. Consumer staples also saw gains, rising 2.4 percent, contributing to a broader market where seven out of ten major sectors posted advances.

In the United States, major indexes including the Nasdaq and S&P 500 ended the day lower as investor apprehension lingered over inflated valuations in technology stocks, adding to the cautious tone across North American markets.