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Canada Commodities: Oil Prices Jump as Middle East Fighting Widens and Saudi Arabia Shuts Pipeline

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Oil prices jumped Monday morning after Saudi Arabia was forced to shut a pipeline as drone attacks by Iran-backed Houthi rebels intensified. Fighting in Yemen also widened.

The Saudi pipeline can carry 7 million barrels per day, adding to pressure on oil supply, CNBC noted.

Furthermore, a meeting between Iran and several Gulf states, that had been scheduled to discuss the re-opening of the Strait of Hormuz has been cancelled, several media outlets reported.

West Texas Intermediate October crude oil futures, the US benchmark, jumped 3.7% to $103.74 per barrel. November Brent oil futures, the international benchmark, climbed 4% to $108.63 a barrel.

Comex gold December futures fell 2.2% to $4,313.30 per ounce, as expectations rise that the US Federal Reserve will raise interest rates at its meeting this week.

In agricultural commodities, December wheat futures rose 0.5% to $7.28 per bushel, while canola futures for November advanced 0.9% to CA$824.30 per tonne.

What else is happening in Mining & Metals?

Mining & Metals

Journey Energy Closes CA$8 Million Acquisition of Interest in Keyera Rimbey Facility

Journey Energy (JOY.TO) on Friday said it closed the acquisition of a private company for CA$8.0 million, subject to customary closing adjustments.The acquired company's primary asset is a 0.98% working interest in the Keyera Rimbey natural gas processing facility and related infrastructure.Journey said the asset generates about CA$0.7 million in annual third-party processing revenue and is also expected to reduce operating costs for processing gas production from its Duvernay Joint Venture.The company expects the acquisition to pay out within two to three years based on forecast revenue and operating cost savings.Journey's shares closed up CA$0.13 to CA$6.13 on the Toronto Stock Exchange on Friday.

$JOY.TO
Mining & Metals

Restaurant Brands International to Renew Share Buyback Program

Restaurant Brands International (QSR.TO, QSR) on Friday said it intends to renew its normal course issuer bid (NCIB).The restaurant franchisor and owner , whose brands include Burger Kind and Tim Hortons, may buy back up to 34.4-million shares for one year beginning Sept. 16.Under its previous NCIB which ends of Sept. 15, Restaurant Brands bought back 2.9-million shares of an allowed 32.3-million.Restaurant Brands shares closed up CA$0.98, to CA$106.75, on the Toronto Stock Exchange.

$QSR$QSR.TO
Mining & Metals

Canagold's New Polaris Project Included in Canada Investment Summit Prospectus

Canagold Resources (CCM.TO) said Friday that its New Polaris Gold-Antimony Project in British Columbia has been included in the Canada Investment Summit Prospectus.The inclusion reflects New Polaris as a project of "strategic importance and investment potential", a statement said. A feasibility study on the project was completed last year, Canagold said.Canagold submitted an environmental assessment application for New Polaris in April. New Polaris has been designated a Priority Project by the BC government.The Canada Investment Summit takes place on Sept. 14 to 15 in Toronto, Ontario. It is being convened by Prime Minister Mark Carney.Canagold shares closed up CA$0.03 at CA$0.70 on the Toronto Stock Exchange.

$CCM.TO