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Canada Commodities: Oil Prices Continue to Climb as Strait of Hormuz Reopening Remains Elusive

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Oil prices continued to climb Tuesday morning as hopes of any sort of peace deal between the US and Iran receded. Iran also said it would adopt a more offensive stance going forward.

However, Al Jazeera separately reported that Qatar's Foreign Ministry said mediators were waiting on a bilateral deal between Iran and Oman on the Strait of Hormuz before returning to broader talks between Iran and the US.

A vessel transiting the Strait of Hormuz was also struck by an "unknown projectile" on Aug. 17, the UK Maritime Trade Operations said.

West Texas Intermediate September crude oil futures, the US benchmark, advanced 1.2% to $85.51 per barrel. October Brent oil futures, the international benchmark, climbed 0.5% to $91.27 a barrel for October delivery.

Comex gold December futures dropped 0.3% to $4,459.70 per ounce.

In agricultural commodities, wheat futures for December delivery edged up $0.07, to $6.89 per bushel, while canola November futures fell 0.2% to C$826 per tonne.

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