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Canada Commodities: Oil Prices Climb as Strait of Hormuz Uncertainty Persists, Gold Edges Down

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Oil prices rose Monday morning as traders found themselves awaiting details of a possible agreement that could partially reopen the Strait of Hormuz to international shipping.

Both Bloomberg and CNBC reported that US President Trump has also indicated his willingness to allow economic pressure on Iran to build rather than launch fresh air strikes to force the regime to reopen the Strait of Hormuz.

West Texas Intermediate September crude oil futures, the US benchmark, rose 2.5% to $80.11 per barrel. Brent crude oil, the international benchmark, was up 2.7% to $85.79 a barrel for October delivery.

Comex gold for December delivery edged down 0.2% to $4,390.10 per ounce.

In agricultural commodities, September wheat futures rose 1.1% to $5.47 per bushel. November canola futures inched up 0.6% to C$784.60 per tonne.

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