April 28 (Reuters) - Futures linked to Canada's resource-heavy main stock index were little changed on Tuesday, as mounting concerns over the U.S.-Iran standoff fueled expectations that oil prices could remain elevated for an extended period.
June futures on the S&P/TSX index were up 0.08% at 6:39 a.m. ET (1039 GMT).
o Markets came under pressure after a U.S. official said President Donald Trump was dissatisfied with Iran's latest proposal to delay discussions on its nuclear program until the war ends and shipping disputes are resolved.
o Oil prices climbed nearly 3% as the critical Strait of Hormuz remained shut, choking off key Middle East energy supplies from global markets. [O/R]
o Metal mining shares were in focus as spot gold tumbled to a three-week low, with markets weighing inflation risks and interest-rate concerns ahead of a wave of central bank decisions. [GOL/]
o The Toronto Stock Exchange's S&P/TSX composite index closed lower for the third consecutive session on Monday, dragged down by weakness in metal mining shares.
o As of Monday's close, the benchmark index was 1.5% below its pre-war levels, highlighting how geopolitical risks were weighing on sentiment in Canada's energy-heavy market, even as firmer crude prices provide some underlying support.
o The Bank of Canada and the U.S. Federal Reserve are scheduled to deliver monetary policy decisions on Wednesday.
o Money markets are pricing in no change to the policy rate by the Bank of Canada this week and at least one quarter-point hike by the end of 2026, according to data compiled by LSEG.
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(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by Shreya Biswas)
