On May 11, 2023, the Toronto Stock Exchange's S&P/TSX composite index increased by 0.18% to close at 34,138.88, reaching its highest level since April 21. The rise was primarily driven by gains in oil and metal stocks, with materials and gold sectors each climbing over 3% and energy stocks gaining 1.7%. Barrick Mining saw a significant 9% increase in its stock price after reporting better-than-expected first-quarter profits, bolstered by record gold prices. The ongoing conflict in the Middle East, particularly the stalled negotiations involving Iran, has raised concerns about prolonged disruptions in oil shipping through the Strait of Hormuz, contributing to higher oil prices. Angelo Kourkafas, a senior global investment strategist at Edward Jones, noted that while the U.S. market is influenced by AI developments, the Canadian market is currently focused on oil prices and the material sector. The Bank of Canada has maintained its key interest rate but may need to respond with rate hikes if high oil prices lead to increased inflation.