(Corrects reason for oil price rise in first paragraph and drops reference to U.S. drilling activity)
May 14 (Reuters) - Canada's main stock index looked set to open higher on Monday as oil prices rose due to expectations of a sharp fall in Iranian crude supply once U.S. sanctions bite later this year.
June futures on the S&P TSX index were up 0.18 percent at 7:15 a.m. ET.
The Toronto Stock Exchange's S&P/TSX rose 23.82 points, or 0.15 percent, to 15,983.32 on Friday, its seventh straight gain.
Dow Jones Industrial Average e-mini futures were up 0.27 percent at 7:15 a.m. ET, while S&P 500 e-mini futures rose 0.17 percent and Nasdaq 100 e-mini futures were 0.23 percent higher.
Aurora Cannabis Inc will buy rival MedReleaf Corp for C$3.2 billion ($2.51 billion), adding to what is already the biggest of Canada's quickly expanding marijuana producers.
Canadian investment firm Brookfield Asset Management made a $3.3 billion approach for Australian hospital group Healthscope, trumping a local buyout proposal and sending shares of the target up to a two-year high on Monday.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,319.9; 0.07 pct
US crude: $70.77; 0.10 pct
Brent crude: $77.35; 0.30 pct
LME 3-month copper: $6,871; -1.02 pct
• Metro Inc: National Bank of Canada resumes coverage with "sector perform" rating
• Total Energy Services Inc: CIBC cuts rating to "neutral" from "outperformer"
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$1= C$1.28 Reporting by Benny Thomas in Bengaluru; Editing by Maju Samuel