FINWIRES · TerminalLIVE
FINWIRES

Canada Commodities: Oil Edges Down Despite Widening Middle East Conflict

By

Oil prices were lower Thursday mid-morning even while fighting in the Middle East continued to escalate with more energy infrastructure targets being attacked.

The US military also resumed intense strikes against Iran.

West Texas Intermediate (WTI) crude oil futures, the US benchmark, dropped $0.36 to $84.09. Brent crude oil futures, the international benchmark, fell $0.85 to $89.89 a barrel.

Egypt said two ships were hit by a drone attack at the Port of Damietta, where a liquefied natural gas hub is situated, while Jordan intercepted five missiles that were targeting its territory, The Guardian reported.

Meanwhile, traders looked ahead to the OPEC+ meeting on Sunday, Aug. 2, when seven core members will meet.

Spot gold was last seen up 0.8% at $4,099.33 per ounce after the US Federal Reserve on Wednesday announced it was holding interest rates steady.

Wheat futures (W1) were up 2.2% to $6.75 per bushel, while canola futures (RS1) inched up 0.2% to $773.20 per tonne.

Related Articles

Mining & Metals

Kinross Gold Posts Higher Adjusted Earnings, Revenue for Q2; Alice Wong Added to Board

Kinross Gold (K.TO) after trade Wednesday reported second-quarter adjusted earnings of $0.71 per share, up from $0.44 per share a year ago.Analysts polled by FactSet expected $0.66.Revenue for the quarter ended June 30 was $2.24 billion, up from $1.73 billion a year ago. The company said the 29% year-over-year jump was due to the increase in the average realized gold price.Analysts expected revenue of $2.26 billion.Kinross said it remains on track to meet its 2026 guidance. On an attributable basis, the company expects to produce 2.0 million gold-equivalent ounces, plus or minus 5%, in 2026.The company also said it appointed Alice Wong to its board of directors.

$K.TO
Mining & Metals

Agnico Eagle Reports Higher Q2 Earnings, Maintains 2026 Production Outlook

Agnico Eagle Mines (AEM.TO, AEM) after the close on Wednesday reported second-quarter adjusted earnings per share of $3.07, or adjusted earnings of $1.54 billion, compared to $1.94 per share, or $976 million, in the prior year period. FactSet analysts estimated net income of $2.90 per share.Revenue in the period, ended on June 30, stood at $3.80 billion compared to $2.82 billion, matching the FactSet estimate of $3.80 billion.The company also declared a quarterly cash dividend of $0.45 per common share, payable on Sept. 15 to shareholders of record as of Sept. 1.In its guidance, Agnico said expected payable gold production for the full year 2026 remains near the lower end of the guided range of 3.3 million to 3.5 million ounce. Full year total cash costs per ounce and AISC (all-in sustaining costs) per ounce guidance for 2026 remains unchanged at $1,020 to $1,120 and $1,400 to $1,550, respectively.Total capital expenditures for 2026 are now expected to be between $2.6 billion and $2.8 billion, compared with previous guidance of $2.2 billion to $2.4 billion, the company said.Bausch Health shares were last up $1.18 at $145.61 in US after-hours trading. The stock closed up C$0.22 at C$203.13 on the Toronto Stock Exchange.

$AEM$AEM.TO
Mining & Metals

Earnings Flash (IGM.TO) IGM Financial Inc. Posts Q2 Adjusted EPS $1.41 per Share vs. $1.07 in Q2 2025

$IGM.TO