The Globe and Mail reports in its Wednesday edition that Canada's main stock index declined sharply Tuesday as investors priced back in some uncertainty related to the war in the Middle East, with mining shares among the biggest decliners. A Reuters dispatch to The Globe says the S&P/TSX Composite Index ended down 551.73 points, or 1.6 per cent, at 33,808.30, marking its largest decline since March 20. On Monday, the index posted its highest closing level in seven weeks. "You had all the geopolitical discount and more come out of markets and now it's coming back in," said Joseph Abramson at Northland Wealth Management. The price of oil settled 2.8 per cent higher at $92.13 (U.S.) a barrel. Some investors worry that the boost to inflation from the recent oil price shock will lead to tighter monetary policy globally. Data on Monday showed that Canada's annual inflation rate rose to 2.4 per cent in March, from 1.8 per cent in February. U.S. stocks closed lower on Tuesday, with early gains evaporating as renewed concerns about the Middle East war outweighed initial optimism over a round of strong corporate earnings. The Dow fell 293.18 points to 49,149.38, the S&P 500 lost 45.13 points and Nasdaq lost 144.43 points.