Canada Commodities: Oil Prices Climb as Middle East Fighting Escalates

09:56 AM EDT, 10/20/2026 (MT Newswires) -- Oil prices rose Tuesday morning to multi-month highs as oil tankers were struck in the Strait of Hormuz and fighting in the region escalated. Al Jazeera reported that two tankers were set on fire after hitting mines in the Strait of Hormuz. The report cited the Iranian news agency, Fars. The UK Maritime Trade Operations also reported an attack involving a "tanker and military forces approximately 121NM east of Duqm, Oman" on Oct. 20. Meanwhile, The UK has said that it will deploy fighter jets to help defend Saudi Arabia against escalating Houthi attacks, multiple media outlets reported. Riyadh also postponed its flagship investment conference, the Future Investment Initiative, which was to run rom Oct 26-29, to an unspecified date next year. West Texas Intermediate November crude oil futures, the US benchmark, rose 2.2% to $105.92 per barrel, the highest level since mid-May. December Brent oil futures, the international benchmark, advanced 0.07% to $109.64 a barrel, a five-month high. Comex gold December futures edged down 0.5%, to to $4,138.60 per ounce. In agricultural commodities, December wheat futures were 0.8% higher to $6.60 per bushel, while canola futures for January fell 1.4% to CA$800.20 per tonne.