Canada Commodities: Oil Prices Top $100 a Barrel on Fears of a Widening Middle East Conflict

09:47 AM EDT, 10/23/2026 (MT Newswires) -- Oil prices advanced Friday morning, with both US and Brent crude topping $100 a barrel amid fears over an escalation in the Middle East conflict. The New York Times earlier this week reported that the United States and Israel were drawing up plans to strike Iran after the mid-term elections. The US also ordered non-essential diplomatic staff to leave Saudi Arabia. Meanwhile, Iran has vowed to respond if the US and Israel were to launch an offensive against it, Al Jazeera reported. The Iranian regime also said it would not limit its attacks to retaliatory strikes, the news agency added. Iran also said it was continuing to attack ships transiting through the Strait of Hormuz, the Associated Press said. West Texas Intermediate December crude oil futures, the US benchmark, rose 2.4% to $101.89 per barrel. December Brent oil futures, the international benchmark, climbed 1.9% to $115.31 a barrel, the highest level since early May. Comex gold December futures fell 0.5%, to $4,039.90 per ounce, the lowest level since late July, as climbing oil prices fan inflation fears. In agricultural commodities, December wheat futures were 0.3% lower, at $6.26 per bushel, while canola futures for January edged down 0.03% to CA$791.10 per tonne.