Canada Commodities: Oil Prices edge Down as Saudi Defense Minister Travels to Iran

10:02 AM EDT, 10/26/2026 (MT Newswires) -- Oil prices fell Monday morning, though still above $100 a barrel, as Saudi Arabia's defense minister, Prince Khalid bin Salman, travelled to Iran, to attend the Makkah Joint Defense Agreement talks. Also participating were officials from Turkey and Pakistan, a Saudi government post on X said. The move comes after Saudi Arabia on Sunday said it had intercepted drones and missiles, fired by Iran-backed Houthis. The New York Times last week reported that the US and Israel were drawing up plans to strike Iran after the mid-term elections, with Iran vowing to retaliate. The US last week also ordered non-essential diplomatic staff to leave Saudi Arabia. West Texas Intermediate December crude oil futures, the US benchmark, fell 1.7% to $101.51 per barrel. December Brent oil futures, the international benchmark, edged down 1.2% to $115.36 a barrel. Comex gold December futures, which ended last week trading at the lowest level since late July, rose 0.3% to $4,018.40, staying at a three-month low. In agricultural commodities, December wheat futures were 0.2% higher, at $6.26 per bushel, while canola futures for January edged down 0.2% to CA$791.10 per tonne.