The Globe and Mail reports in its Wednesday edition that U.S. and Canadian stocks finished with losses Tuesday as the Israel-Iran conflict raged for a fifth day and kept investor anxiety high. A Reuters dispatch to The Globe says the jump in oil prices helped to moderate losses in Toronto. The Cboe Volatility index, an indicator of investor unease, rose to end at 21.6, its highest close since May 23. The U.S. military is deploying more fighter aircraft to the Middle East and extending the deployment of other warplanes. President Donald Trump called for Iran's "unconditional surrender." Besides the Middle East conflict, investors are closely watching for any new information on Mr. Trump's tariffs, his tax-cut bill and U.S. interest rates. A Federal Reserve monetary policy decision is expected on Wednesday, with policy-makers widely seen leaving rates unchanged. The S&P/TSX Composite Index closed down 27.22 points at 26,541.39. The commodity-heavy benchmark index had briefly hit a record high on Monday as investors hoped that the Middle East tensions would be contained and the G7 meeting in Canada would be productive. Energy stocks led Toronto's gains; U.S. crude settled 4.46 per cent higher at $74.97 (U.S.) a barrel.