Canadian and U.S. stock markets moved lower on Thursday as rising oil prices weighed on investor sentiment. Theresa Shutt, chief investment officer at Harbourfront Wealth Management, said concerns about the U.S.-Iran war were weighing on the stock market as higher oil prices reinforce inflationary concerns. Oil prices gained ground as uncertainty remains over the war, which has stifled the global flow of oil. A fifth of the world’s traded oil and natural gas once passed through the Strait of Hormuz. Oil prices surged as high as US$113 during the conflict and higher prices have added more heat to inflation by raising the price of gasoline and costs for shipping.