June 20 (Reuters) - Canada's main stock index rose on Thursday as higher commodity prices lifted mining and energy shares.

At 10:18 a.m. ET (14:18 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 114.33 points, or 0.5%, at 21,631.23.

Wall Street also jumped, propelled by a rally in chipmaker Nvidia's shares.

The energy sector was up 1.1%, supported by strong oil prices as escalating Middle East conflict raised supply disruption fears and investors awaited U.S. inventory data.

The materials sector climbed 1.2% as gold prices hit a two-week high, with recent U.S. economic data raising rate-cut bets and uncertainty around multiple global elections lending support.

"Commodity prices are up a little bit, then the US is up a little bit. So we may see the Canadian market bounce back a bit." said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"The Canadian market is pretty quiet but it'll probably be more active next week when the inflation numbers come out on Tuesday." Cieszynski added

Among Thursday's data, U.S. weekly jobless claims fell last week, but overall strength in the labour market persisted despite a gradual cooling.

The Bank of Canada eased its monetary policy earlier this month and its officials said on Wednesday the Canadian central bank will look at additional monthly CPI data to gain assurance before cutting rates in July.

Traders are now pricing in a 60% chance of a rate cut in July, according to LSEG data.

In individual stocks, Empire Company shares rose 5.9% after it reported better-than-expected earnings in the fourth quarter. (Reporting by Nikhil Sharma in Bengaluru; Editing by Shreya Biswas)