Canada Commodities: Oil Prices Continue to Climb as Middle East Tensions Escalate

09:57 AM EDT, 09/15/2026 (MT Newswires) -- Oil prices continued to climb Tuesday morning after Iran-backed Houthi militants rained more drone strikes on Saudi Arabia and the Saudi-led coalition in Yemen vowed to retaliate. UK Maritime Trade Operations reported an incident in the Strait of Hormuz on where a vessel was struck by an "unknown" projectile. No damage was sustained. West Texas Intermediate October crude oil futures, the US benchmark, jumped 2.3% to $103.74 per barrel. November Brent oil futures, the international benchmark, climbed 2% to $107.74 a barrel. Comex gold December futures fell 0.5% to $4,329.40 per ounce, on rate hike expectations. The US Federal Reserve will announce its policy decision on Wednesday afternoon. US 10-year bond yields were up 0.04% to 5.002%. In agricultural commodities, December wheat futures fell 1% to $7.15 per bushel, while canola futures for November edged down 0.3% to CA$820.50 per tonne.