Canada Commodities: Oil Prices Advance as Houthi Attacks Against Saudi Arabia Intensify
MT newswire2026/10/07 13:5409:54 AM EDT, 10/07/2026 (MT Newswires) -- Oil prices were higher Wednesday morning as attacks by Yemen's Iran-backed Houthis against Saudi Arabia infrastructure and military targets increased, dragging the kingdom further into the conflict, several media outlets reported. Meanwhile, Saudi Arabia's energy minister said on Tuesday that the East-West Pipeline reached a capacity of 5.8-million barrels per day. The pipeline, which has a total capacity of seven-million bpd, had been damaged by drone attacks on Sept. 11. West Texas Intermediate November crude oil futures, the US benchmark, rose 1.5% to $90.75 per barrel. December Brent oil futures, the international benchmark, climbed 1.8% to $102.37 a barrel. Comex gold December futures retreated 1.8%, to to $4,112.70 per ounce as the greenback rose. Traders are also waiting on the release of the Federal Reserve's September meeting minutes today, to assess the possibility of another interest-rate hike. In agricultural commodities, December wheat futures slipped 1.6% to $6.93 per bushel, while canola futures for November was down 0.6% to CA$820.70 per tonne.
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