The Globe and Mail reports in its Tuesday edition that Canadian business sentiment was dented by the war in the Middle East, but company outlooks for exports are improving while investment intentions remain strong, according to the Bank of Canada's quarterly business survey. The Globe's Mark Rendell and Sophia Bertuzzi write that the global oil price shock, caused by the U.S. and Israel's attack on Iran, reverberated through the Canadian economy in the late spring, leading many businesses to trim their sales outlooks and pencil in higher selling prices. The survey, however, was conducted from May 1 to May 21, when benchmark oil prices were above $100 (U.S.) a barrel owing to the closing of the Strait of Hormuz. The price of a barrel of West Texas Intermediate crude has since fallen to around $68 (U.S.), roughly where it was when the war began in late February. "The latest Business Outlook Survey highlights the dilemma the Bank of Canada was facing at the height of the U.S.-Iran conflict, with soft growth countered by clearly mounting inflation concerns," BMO's Robert Kavcic said in a note. "Lower oil prices should help dial these concerns back in Q3. All in, we still see the Bank of Canada firmly on hold this year."