TSX futures fall as Middle East tensions escalate

March 2 (Reuters) - Futures for ‌Canada's main stock ​index ​fell on Monday, mirroring declines in global equities as mounting tensions in the Middle East stoked fears of a conflict ‌that could drag on for weeks.

March futures on the S&P/TSX composite ⁠index were down 0.47%, as of 5:45 a.m. ET.

U.S. and Israeli strikes — and Iranian ‌retaliation — rippled across sectors worldwide, ‌from shipping and aviation to oil, while investors worried that a drawn-out regional war could push energy costs higher and disrupt business ​in the Gulf region.

U.S. President Donald Trump suggested on Sunday that the conflict with Iran could go on for the next four ⁠weeks.

Futures for U.S. stock indexes also fell, while the pan-European STOXX 600 was down 1.3%.

Oil prices ​surged after retaliatory Iranian attacks disrupted shipping in the crucial Strait of Hormuz. Brent crude futures and U.S. West ​Texas Intermediate crude were up 7.8% and 7.3%, ‌respectively.

The U.S. dollar index rose 0.6%, as safe-haven demand strengthened in response to the escalating conflict.

Spot gold gained ⁠2.2% and silver rose 1.8%.

Toronto's benchmark index closed lower on Friday, led by losses in tech stocks amid worries over AI-disruption, while financials also fell. Yet, ⁠the index posted its biggest monthly gain since November 2020.

Separately, India and Canada will ​aim to conclude a free trade pact by the end of this year, Prime Minister Mark Carney said on Monday during his first visit to New Delhi.

The ‌two sides also agreed on a $2.6 billion uranium deal, under which Canada's Cameco will supply the fuel to ‌India to support its nuclear ambitions and to work towards a clean, reliable ⁠base load power.

FOR CANADIAN MARKETS ‌NEWS, CLICK ON CODES:

TSX ​market report [.TO]

Canadian dollar and bonds report [CAD/] [CA/]

Reuters global stocks poll for Canada

Canadian markets directory

(Reporting by Utkarsh Tushar Hathi; Editing by ‌Shilpi Majumdar)

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