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Canada Commodities: Oil And Gold Prices Continue to Climb on Middle East Turmoil, Weaker US Dollar

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Oil prices continued to climb Friday morning as the turmoil in the Middle East continued and China, Iran's largest oil customer, rejected economic sanctions against Iran and its trading partners.

President Trump this week had vowed to wage economic warfare against Iran, amid the continued closure of the Strait of Hormuz.

West Texas Intermediate October crude oil futures, the US benchmark, edged up 0.2% to $86.96 per barrel. October Brent oil futures, the international benchmark, climbed 0.5% to $94.23 a barrel.

Comex gold December futures jumped 1.5% to $4,640.50 per ounce, a three-month high, lifted by a weaker US dollar as bond yields continued to rise.

In agricultural commodities, wheat futures for December delivery fell 0.4%, to $6.97 per bushel, while canola November futures fell 1% to C$812.30 per tonne.

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