Canada Commodities: Oil Prices Move Higher as the Middle East Conflict Drags On

09:56 AM EDT, 09/01/2026 (MT Newswires) -- Oil prices jumped Tuesday morning as the United States and Iran conflict continued to grind on and the UK Maritime Trade Operations reported that a tanker had been hit by three "projectiles" while completing an "outbound transit" of the Strait of Hormuz. The United Arab Emirates also called for a different approach to end the conflict after it fended off an Iranian drone attack over UAE waters, several media outlets reported. West Texas Intermediate October crude oil futures, the US benchmark, climbed 2.7% to $88.07 per barrel. November Brent oil futures, the international benchmark, jumped 2.2% to $92.45 a barrel. Rising oil prices are causing global bond yields to rise, which are also causing gold prices to fall. Comex gold December futures were down 1.9% to $4,398.70 per ounce, as expectations rise for the US Federal Reserve to raise interest rates in September as the ongoing Middle East conflict boosts inflation concerns. In agricultural commodities, December wheat futures rose 1.2% to $7.84 per bushel, while canola futures for November rose 2% to C$829.50 per tonne.