July 8 (Reuters) - Futures tracking Canada's resource-heavy

benchmark index fell on Wednesday as renewed U.S.-Iran tensions

cast doubt over the durability of a fragile ceasefire in the

Middle East and pushed up oil prices, reviving inflation fears.

Futures tracking the S&P/TSX Composite index were

down 1.1% at 6:52 a.m. ET.

* Oil prices climbed to a two-week high after U.S. President

Donald Trump said the memorandum of understanding with Iran to

end the conflict was "over", renewing fears over potential

disruptions to global energy supplies.

* Brent crude futures gained 5.1% to $77.94 a

barrel, while U.S. West Texas Intermediate crude inched

up 4.9% at $73.92 after Trump's remarks.

* Gold prices also slipped as higher energy prices stoked

concerns over inflation and higher interest rates. Spot gold

fell 1.3%, while silver shed 2.5%.

* Investors are awaiting minutes of the U.S. Federal

Reserve's meeting, due at 2:00 pm ET, for cues on the future

monetary policy path.

* A soft U.S. jobs report last week amid signs of easing

Middle East tensions had tempered expectations of multiple U.S.

interest rate hikes this year.

* Traders are pricing in an increase of 36 basis points to

U.S. borrowing costs by the end of this year, according to LSEG

data.

* Meanwhile, the Bank of Canada is expected to keep interest

rates unchanged this year, with the next policy decision due on

July 15.

* In company news, Trilogy Metals ( TMQ ) reported a wider

second-quarter loss.

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