Canada Commodities: Oil Prices Fall as US Weighs Tougher Sanctions Against Iran

10:01 AM EDT, 08/24/2026 (MT Newswires) -- Oil prices fell Monday morning as the US weighs harsher sanctions against Iran. Treasury Secretary Scott Bessent will unveil details later today. Iran meanwhile issued new threats against ships transiting through the Strait of Hormuz. West Texas Intermediate October crude oil futures, the US benchmark, edged down 1.5% to $85.64 per barrel. October Brent oil futures, the international benchmark, fell 1.1% to $93.30 a barrel. Comex gold December futures jumped 1% to $4,726.10 per ounce, a three-month high. In agricultural commodities, wheat futures for December delivery rose 0.9%, to $7.05 per bushel, while canola November futures fell 1.2% to C$789.30 per tonne.