Feb 4 (Reuters) - Futures tracking Canada's main stock index rose on Wednesday as precious metals extended their gains, while oil prices climbed amid simmering tensions in the Middle East after the U.S. shot down an Iranian drone.

March futures on the S&P/TSX composite index were up 0.5% as of 5:35 a.m. ET.

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Toronto's resources-heavy benchmark index (.GSPTSE) , opens new tab closed higher on Tuesday, extending its rebound, as strength in mining shares overshadowed a tech selloff - led by U.S. and European software companies, linked to Anthropic's updated AI chatbot.

Spot gold on Wednesday gained 2.3% and silver climbed 5.5%, maintaining its recovery, while copper rose on China's plan to expand its strategic reserve.

Oil prices also firmed after the U.S. military said on Tuesday it had shot down an Iranian drone that "aggressively" approached the Abraham Lincoln aircraft carrier in the Arabian Sea, raising fears of potential escalation between the nations.

Brent crude futures and U.S. West Texas Intermediate crude were up 0.65% and 0.8%, respectively.

Canada's aviation regulator said it was working with the Federal Aviation Administration over delays in approving Gulfstream jets, after U.S. President Donald Trump threatened to decertify and slap tariffs on Canadian-made aircraft.

In corporate news, Suncor Energy (SU.TO) , opens new tab beat fourth-quarter profit estimates on Tuesday as higher production helped offset the impact of weak commodity prices.

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https://www.reuters.com/business/tsx-futures-rise-gold-extends-gain-oil-advances-us-iran-tension-2026-02-04/