Canada Commodities: Oil Prices Lower as Iran and Saudi Arabia Hold Talks

09:55 AM EDT, 10/27/2026 (MT Newswires) -- Oil prices edged down Tuesday morning, but remained above $100 a barrel, as Saudi Arabia's defense minister, Khalid bin Salman, and Iran's President Masoud Pezeshkian held talks on Monday, Iran's Tasnim news agency reported. The Saudis, who have come under repeated attack from the Iran-backed Houthis, were in Iran to attend the Makkah Joint Defense Agreement talks. Also participating were officials from Turkey and Pakistan. In separate news, Israelis go to the polls today to elect a new government to the Knesset, in what observers have described as the most consequential election in the nation's history. The New York Times reported last week that the US and Israel were preparing to strike Iran after the US mid-term elections, and Iran has vowed to go beyond retaliation. West Texas Intermediate December crude oil futures, the US benchmark, fell 0.8% to $100.97 per barrel. December Brent oil futures, the international benchmark, edged down 1.1% to $114.60 a barrel. Comex gold December futures, ticked 0.1% higher, to $4,043.10 per ounce. In agricultural commodities, December wheat futures fell 0.5% $6.12 per bushel, while canola futures for January edged down 0.5% to CA$790 per tonne.