Canada Commodities: Oil Prices Fall on Diplomatic Solution Hopes, Despite Attacks on Ships

09:52 AM EST, 11/03/2026 (MT Newswires) -- Crude oil prices fell for a second straight day in spite of reports of continued attacks on ships in the Persian Gulf. The market is also hoping for a diplomatic solution to the Iran conflict. Al Jazeera reported that Qatar's foreign ministry said Iran and the US are both studying proposals to end the conflict. The Wall Street Journal reported overnight that the US had struck Iran's Qeshm Island. Americans also go to the polls today to vote in the midterms elections. West Texas Intermediate December crude oil futures, the US benchmark, fell 0.3% to $96.17 per barrel. January Brent oil futures, the international benchmark, edged down 1% to $103.76 a barrel. Comex gold December futures retreated 0.4% to $3,952.90 per ounce In agricultural commodities, December wheat futures dropped 1.1% to $5.99 per bushel, while canola futures for January fell 1.1% to CA$779.80 per tonne.