Canada Commodities: Oil Prices Climb as Oil Tankers Attacked in Strait of Hormuz

09:46 AM EST, 11/05/2026 (MT Newswires) -- Crude oil prices were higher Thursday morning amid reports of further violence in the Middle East. Oil tankers transiting through the Persian Gulf were struck by projectiles. The UK Maritime Trade Operations said a tanker off the coast of Oman was hit. An Al Jazeera report today, citing Iran's Islamic Revolutionary Guard, said three tankers were burning in the Strait of Hormuz. West Texas Intermediate December crude oil futures, the US benchmark, rose 2% to $89.85 per barrel. January Brent oil futures, the international benchmark, jumped 3% to $97.46 a barrel. Comex gold December futures advanced 1.5% to $4,132.10 per ounce as the US dollar weakened after the midterm results. In agricultural commodities, December wheat futures climbed 1% to $6.04 per bushel, while canola futures for January fell 0.5% to CA$764.10 per tonne.