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 SXFc1 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.O/R

• Brent crude futures LCOc1 gained 5.1% to $77.94 a barrel, while U.S. West Texas Intermediate crude CLc1 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 XAU= fell 1.3%, while silver XAG= shed 2.5%. GOL/

• 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.TO reported a wider second-quarter loss.

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