March 6 (Reuters) - Futures tracking Canada's resource-heavy benchmark index edged lower on Friday, as a surge in oil prices following the Middle East conflict fanned fears of a spike in inflation.
March futures on the S&P/TSX composite index were down 0.24%, as of 5:44 a.m. ET.
Oil prices extended gains and were on track for their sharpest weekly rise since Russia launched its full-scale invasion of Ukraine in February 2022, after shipping and energy exports through the Strait of Hormuz were disrupted. [O/R]
The U.S. House of Representatives on Thursday rejected a measure aimed at halting President Donald Trump's war on Iran, which entered its seventh day on Friday.
Brent crude futures and U.S. West Texas Intermediate crude futures rose 2.3% and 4.1%, respectively.
Meanwhile, the U.S. dollar index was on track for its highest weekly gain since September 2024.
Spot gold was poised for its biggest weekly decline in nine, even as demand for the safe-haven asset pushed up prices on Friday. Silver and copper also gained. [GOL/]
A fall in miners' shares had dragged down Toronto's benchmark index to a two-week low on Thursday.
In corporate news, pipeline operator South Bow said it has moved to revive parts of Keystone XL pipeline, a move that could boost Canada's crude exports to the U.S. by more than 12%.
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(Reporting by Utkarsh Tushar Hathi; Editing by Diti Pujara)
