The Globe and Mail reports in its Thursday edition that investors had a stark reminder of how quickly the oil market can reignite concern about inflation, after U.S. President Donald Trump said on Wednesday that an interim agreement with Iran to end the war "is over." A Reuters dispatch to The Globe says oil surged 5 per cent, sending inflation-sensitive assets such as bonds and gold lower. The S&P 500 and S&P/TSX composite benchmarks both lost about 1 per cent. Mr. Trump later ruled out the restart of full-fledged war with Iran. Still, the latest flare-up in tensions has likely put a ceiling on the number of vessels willing to pass the Strait of Hormuz, analysts from RBC Capital Markets said in a note. Iran has maintained a chokehold on vessel movements through the busy waterway since the U.S. and Iran attacked the country on Feb. 28. The Toronto Stock Exchange ended down 336.79 points at 34,935.80. The energy sector rose nearly 4 per cent. The materials sector fell 3.2 per cent. The price of gold was down 0.7 per cent as higher interest rates would likely be bearish for the metal. On Wall Street, SpaceX fell 0.8 per cent to $148.38 (U.S.), its lowest close since its debut on June 12. Nvidia rose 3.65 per cent.