Canada Commodities: Oil Prices Jump on Reports of Potential US-Israeli Military Action Against Iran

09:57 AM EDT, 10/28/2026 (MT Newswires) -- Oil prices climbed Wednesday morning on reports that the US and Israeli armies may still be planning to go ahead with a short military campaign against Iran after the US mid-terms, the Wall Street Journal said. Critical Saudi Arabia infrastructure is still being attacked by Iran-backed Houthis, several media outlets reported. The Israeli election yesterday has resulted in the Netanyahu and main opposition blocs not securing a clear majority of at least 61 seats. The Palestinian Israeli parties received a strong vote, securing 19 seats. Negotiations are underway for a coalition government to be formed. West Texas Intermediate December crude oil futures, the US benchmark, jumped 2% to $101.87 per barrel. December Brent oil futures, the international benchmark, rose 1.3% to $115.34 a barrel. Comex gold December futures, edged 0.3% lower, to $4,064.00 per ounce, as oil prices rose, sparking inflation worries. Traders are also awaiting the Federal Reserve interest rate decision later today. In agricultural commodities, December wheat futures fell 0.2% to $6.09 per bushel, while canola futures for January advanced 0.2% to CA$788.70 per tonne.