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Canada Commodities: Oil Prices Continue to Climb as Hormuz Tensions Continue, Gold Moves Higher

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Oil prices continued to climb Wednesday morning on persisting uncertainty over Strait of Hormuz shipping, while gold prices rose as the US dollar and bond yields weakened.

West Texas Intermediate September crude oil futures, the US benchmark, climbed 0.4% to $85.37 per barrel. October Brent oil futures, the international benchmark, climbed 0.4% to $91.35 a barrel.

Comex gold December futures jumped 2% to $4,514 per ounce after the US Treasury increased its buyback operation of US long-term debt, CNBC reported. The US dollar also eased.

In agricultural commodities, wheat futures for December delivery edged up 0.7%, to $6.86 per bushel, while canola November futures rose 1.9% to C$821 per tonne.

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