Canada Commodities: Oil Prices Fall as Iran Does Not Rule Out a Diplomatic Solution

09:50 AM EDT, 08/28/2026 (MT Newswires) -- Oil prices fell Friday morning after several outlets reported Iran saying it was not ruling out diplomatic efforts. The comments came after Qatar's prime minister, who is in Tehran, met with Iranian officials. Al Jazeera also reported that Iran is drafting a list of conditions to open the Strait of Hormuz in response to mediator requests, citing Iran's security chief Mohsen Rezaei. West Texas Intermediate October crude oil futures, the US benchmark, fell 1.3% to $82.48 per barrel. October Brent oil futures, the international benchmark, was down 0.6% to $89.15 a barrel. Comex gold December futures edged down 0.2% to $4,654 per ounce. US Federal Reserve Chair Kevin Warsh is speaking at the central bank's annual Jackson Hole symposium today, and traders are waiting for some guidance on the Fed's future monetary policy. In agricultural commodities, wheat futures for December delivery rose 1.8%, to $7.75 per bushel. Canola November futures climbed 1.3% to C$814.60 per tonne.