Canada Commodities: Oil Prices Climb as Fears Mount Over Possible Escalation in Middle East Conflict

09:54 AM EDT, 10/22/2026 (MT Newswires) -- Oil prices advanced Thursday morning as fears built over a possible escalation in the Middle East conflict. The New York Times, citing anonymous sources, reported that the US and Israel are drawing up plans to strike Iran after the mid-term elections. The US is also recalling some non-essential embassy staff from Saudi Arabia in light of the escalating attacks from the Iran-backed Houthis, the US State Department said in a post on X. West Texas Intermediate December crude oil futures, the US benchmark, rose 2.8% to $99.88 per barrel. December Brent oil futures, the international benchmark, climbed 3.2% to $112.27 a barrel, the highest level since mid-May. Comex gold December futures fell 1.4%, to $4,092.80 per ounce, the lowest level since early August. In agricultural commodities, December wheat futures were 0.08% lower, at $6.27 per bushel, while canola futures for January rose 1.2% to CA$794.50 per tonne.