Canada Commodities: Oil Prices Advance as the US Rejects Iran's Proposal to Reopen Strait of Hormuz

09:51 AM EDT, 09/28/2026 (MT Newswires) -- Oil prices advanced Monday morning after US President Trump over the weekend rejected Iran's proposal to reopen the Strait of Hormuz. West Texas Intermediate November crude oil futures, the US benchmark, climbed 2% to $94.26 per barrel. November Brent oil futures, the international benchmark, jumped 2.4% to $106.81 a barrel. Comex gold December futures fell 3.5% to $4,171.90 per ounce, on a stronger greenback and high US Treasury yields. In agricultural commodities, December wheat futures fell 1.2% to $6.94 per bushel, while canola futures for November were 1.7% lower, to CA$814.50 per tonne.