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Canada Commodities: Oil Prices Mixed as Oil Tanker Hit in Strait of Hormuz

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Oil prices were mixed Friday morning as an oil tanker transiting through the Strait of Hormuz was struck by an "unknown" projectile.

The UK Maritime Trade Operations, which reported the incident earlier today, said the attack happened on Sept. 16.

Meanwhile Saudi Arabia continued to move some crude exports through the Strait of Hormuz after its pipeline to the Red Sea was damaged by drone attacks earlier this week, several media outlets reported.

West Texas Intermediate October crude oil futures, the US benchmark, rose 1.4% to $103.30 per barrel. November Brent oil futures, the international benchmark, slipped 0.1% to $104.68 a barrel.

Comex gold December futures edged down 0.1% to $4,394.50 per ounces.

In agricultural commodities, December wheat futures fell 1% to $7.21 per bushel, while canola futures for November fell 0.7% to CA$828.60 per tonne.

What else is happening in Mining & Metals?

Mining & Metals

Allied Gold Reports Progress at the Kurmuk Mine in Ethiopia

Allied Gold (AAUC.TO) after trade Thursday provided a progress update on its Kurmuk Mine in Ethiopia.The company said the mine is nearing the end of commissioning and moving toward full operations. Once operational, Kurmuk is expected to become one of Allied Gold's major gold mines.A major milestone has been reached with the mine now connected to Ethiopia's national electricity grid via an 88-kilometer-long power line, the company added.First ore has also been fed into the processing facility's crushing circuit. Mining is progressing as planned, and ore stockpiles are building to support the ramp-up toward commercial production, the company said.

$AAUC.TO
Mining & Metals

Reitmans Fiscal Second-Quarter Net Earnings Fall YoY

Reitmans (RET.V) said Thursday after trade its fiscal second-quarter net earnings fell 23% to CA$0.20, from CA$0.26, in the prior year period.Net revenue for the clothing company edged down 1.9% to CA$211.8 million, in the quarter ended Aug.1, a statement said."Our second quarter reflected deliberate, strategic execution across our brands," said Chief Executive Andrea Limbardi. "While net revenues were modestly below last year, we meaningfully improved gross margin through stronger regular-price selling, a more disciplined promotional strategy and tighter inventory management.Reitmans shares closed up CA$0.01, to CA$2.22, on the TSX Venture Exchange.

$RET.V
Mining & Metals

Vext Science Reopens Ohio Dispensary, Extends Maturity of Acquisition Notes to 2029

Vext Science (VEXT.CN) said Thursday it reopened its Herbal Wellness Center dispensary in Jackson, Ohio, after receiving authorization from the Ohio Division of Cannabis Control.The company also said its Vapen Ohio subsidiary and certain holders of promissory notes issued in connection with its 2023 acquisitions of Appalachian Pharm Products and APP1803 agreed to restructure the notes.The restructuring would extend the maturity date of the notes to Jan. 15, 2029, Vext said.The APP Notes, issued in an original principal amount of $6.0 million, were scheduled to mature on Dec. 31, 2026, with a balloon payment of $5.6 million. Pursuant to the restructuring, $2.4 million will be paid in cash on the first business day of Jan. 2027.The APP notes held by the continuing noteholders, representing approximately $3.2 million of remaining principal, will be canceled and replaced with new promissory notes issued by Vapen Ohio, Vext said.

$VEXT.CN