Canada Commodities: Oil Prices Jump More Than 2% Following Tanker Attack in Strait of Hormuz

09:57 AM EDT, 10/30/2026 (MT Newswires) -- Oil prices rose on Friday morning after an attack on an oil tanker in the Strait of Hormuz left the vessel on fire with the status of crew and environmental impact still unclear, reported the UK Maritime Trade Operations. The attack comes after the Wall Street Journal on Thursday said US Vice President JD Vance had reached out via a letter to Iran's Mohsen Rezaei, who heads Iran's Supreme National Security Council. West Texas Intermediate December crude oil futures, the US benchmark, rose 2% to $104.05 per barrel. December Brent oil futures, the international benchmark, climbed 2.1% to $117.27 a barrel. Comex gold December futures fell 2.2%, and slipped under the $4,000 mark, to $3,944.10 per ounce as higher oil prices sparked inflationary and rate hike fears. This comes after data released on Thursday showed that US GDP grew 3.4% quarter-on-quarter in an advance estimate, up from 2.2% in the second quarter. In agricultural commodities, December wheat futures edged up 0.2% to $6.04 per bushel, while canola futures for January rose 0.8% to CA$789.10 per tonne.