Canada Commodities: Oil, Gold Prices Lower as Iran And Oman Agree to Temporary Hormuz Route

09:53 AM EDT, 08/26/2026 (MT Newswires) -- Oil and gold prices extended their declines Wednesday morning as the threat of war in the Middle East continued to recede, and Iran and Oman both announced an agreement on a temporary route to the Strait of Hormuz. However, Iran stressed that the strait would not fully reopen until the US met its commitments under the June interim ceasefire deal, several media outlets reported. West Texas Intermediate October crude oil futures, the US benchmark, fell 1.8% to $80.87 per barrel. October Brent oil futures, the international benchmark, also fell 1.9% to $86.90 a barrel. Comex gold December futures edged down 0.5% to $4,672.90 per ounce. In agricultural commodities, wheat futures for December delivery rose 1.9%, to $7.16 per bushel, a new 52-week high. Canola November futures fell 0.4% to C$786.70 per tonne.