Canada Stocks Fall Amid Escalating US-Iran Tensions and Oil Price Surge

Futures tracking Canada's blue-chip stocks edged lower on Wednesday as escalating tensions between the US and Iran drove oil prices towards $100 a barrel, rekindling inflation fears. The S&P/TSX index September futures were down 0.13% as of 05:53 a.m. ET.

The intensifying Middle East hostilities have raised risks to global energy supplies, putting inflation back on investors' radar ahead of Friday's US inflation data release. Brent crude prices reached the $100 mark for the first time since July following the US and Iran exchanges strikes in the Gulf region.

Spot gold rose 0.9% after three straight sessions of losses, supported by a softer dollar. Silver also gained 0.9%. The Canadian dollar was not mentioned as being affected by these events.