Canada Commodities: Oil Prices Higher as Middle East Hostilities Intensify

10:04 AM EDT, 09/03/2026 (MT Newswires) -- Oil prices were higher Thursday morning on the back of intensifying hostilities between the US and Iran. In further retaliation, Iran attacked US bases in Kuwait and the United Arab Emirates. West Texas Intermediate October crude oil futures, the US benchmark, rose 1% to $91.88 per barrel. November Brent oil futures, the international benchmark, climbed 0.6% to $96.23 a barrel. Comex gold December futures extended its gains, up 2.6% to $4,529.30 per ounce, as treasury yields stabilized. In agricultural commodities, December wheat futures fell 4.4% to $7.40 per bushel, while canola futures for November edged down 1.7% to C$812.20 per tonne.