TSX futures inched higher Thursday, building on a fresh record for Canada's main stock index. The S&P/TSX composite index closed Wednesday at 32,916.47, surpassing its previous peak. Gains were supported by a rally in oil prices, which benefited the commodity-heavy benchmark, though crude later retreated as geopolitical tensions eased.

A sharp drop in oil followed comments from U.S. President Donald Trump that tempered fears of supply disruptions from unrest in Iran. Brent and WTI crude fell over 3.5%. Meanwhile, U.S. futures climbed, rebounding after a two-day slide driven by tech weakness and post-earnings selling in major banks.

Corporate earnings remain a key focus. Results are due from Goldman Sachs and Morgan Stanley, concluding a week of reports from Wall Street's biggest lenders. Separately, Taiwan Semiconductor Manufacturing posted a robust quarterly profit, fueled by relentless AI demand for its advanced chips, though Trump announced new tariffs on some computing imports.