Both WTI and Brent crude topped $100 a barrel Thursday morning as fighting in the Middle East escalated, with the war in Yemen now threatening to exacerbate the US-Iran conflict: Yemen's Houthis (backed by Iran) are advancing along the Red Sea coast and nearing the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden and is one of the world's most important trade routes, Al Jazeera reported.
Traders are now expecting the expanding conflict to be a prolonged one, sent oil prices higher.
West Texas Intermediate October crude oil futures, the US benchmark, jumped 3.8% to $99.71 per barrel. November Brent oil futures, the international benchmark, advanced 3.7% to $105 a barrel.
Comex gold December futures edged down 1.2% to $4,407.80 per ounce.
In agricultural commodities, December wheat futures fell 0.5% to $7.25 per bushel, while canola futures for November fell 0.6% to CA$827.60 per tonne.