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Canada Commodities: Oil Prices Jump as Fighting Worsens in Middle East

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Oil prices jumped at the start of a shortened trading week Tuesday morning as fighting in the Middle East worsened: Iran-backed Houthi militants attacked several energy facilities in Saudi Arabia, causing casualties and forcing a temporary halt to some operations, reported several media outlets.

The UK Maritime Trade Operations also reported over the weekend that several merchant vessels in the Northern Arabian Gulf and the Gulf of Oman were subjected to "disabling fire". UKMTO was unable to confirm if any casualties or environmental impact has occurred, it added.

West Texas Intermediate October crude oil futures, the US benchmark, jumped 2.1% to $93.39 per barrel. November Brent oil futures, the international benchmark, advanced 1.3% to $98.27 a barrel.

Comex gold December futures fell 0.8% to $4,440.70 per ounce.

In agricultural commodities, December wheat futures edged up 1.2% to $7.42 per bushel, while canola futures for November rose 1.3% to C$832.70 per tonne.

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