Canada Commodities: Oil Prices Retreat Even as Middle East Fighting Continues

09:57 AM EDT, 09/11/2026 (MT Newswires) -- Both WTI and Brent crude retreated Friday morning, even as fighting in the Middle East showed no sign of abating. The Iran-backed Houthi rebels overnight said they have taken control of the entire Red Sea coastline, posing an increasing threat to shipping in the Bab al-Mandeb strait. Bloomberg also reported that certain Gulf states were planning a meeting with Iranian officials next week to discuss the future of the Strait of Hormuz. The meeting would be the first since the outbreak of the US-Iran war. West Texas Intermediate October crude oil futures, the US benchmark, fell 3.2% to $99.25 per barrel. November Brent oil futures, the international benchmark, dropped 3% to $104.39 a barrel. Comex gold December futures edged up 0.6% to $4,436.10 per ounce. In agricultural commodities, December wheat futures fell 0.8% to $7.35 per bushel, while canola futures for November fell 1.5% to CA$826.40 per tonne.