World Commodities.

• Position: Oil futures, gold prices, canola

World oil futures up 1pc, US oil soars 10pc in week

Oil futures rose 1% on Friday, with US crude up 10% in the week and global benchmark Brent gaining 5%, on fears the United States could attack Iran and disrupt flows from the Middle East, which provides more than a fifth of the world's oil output.

US gasoline futures, meanwhile, jumped around 4% following a massive fire at Philadelphia Energy Solutions' refinery in Philadelphia, the largest on the US East Coast.

While the rise in US-Iranian tensions has largely driven the crude price gains, analysts said an early July meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to reassess production targets, a potential softening of trade tensions between the United States and China and the refinery fire were also supporting prices.

Brent futures were up 72 cents, or 1.1%, to $65.17 a barrel, while the most active U.S. West Texas Intermediate (WTI) crude contract was up 47 cents, or 0.8%, at $57.54. That put Brent on track to gain about 5% for the week, its first weekly gain in five weeks, and WTI to jump about 10%, which would be its biggest weekly percentage gain since December 2016.

The US benchmark surged 5.4% and Brent jumped 4.3% on Thursday after Iran shot down a drone that the United States claimed was in international airspace and Iran said was over its territory.

US President Donald Trump said he had aborted a military strike on Iran because such a response to Tehran's downing of the unmanned US surveillance drone would have caused a disproportionate loss of life.

Iranian officials told Reuters that Tehran had received a message from Trump through Oman overnight warning that a U.S. attack on Iran was imminent.

World gold prices surge to near 6-year peak

Gold prices surged to a near six-year peak on Thursday after the US Federal Reserve bank signaled it was ready to cut interest rates as early as next month to boost growth, triggering a sharp fall in the dollar.

Spot gold jumped 2.2% to $1,390.38 per ounce. Prices touched $1,392.84, their highest since early September 2013. US gold futures settled 3.6% higher at $1,396.90 per ounce.

Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. The Fed on Wednesday signalled interest rate cuts beginning as early as July, saying it is ready to battle growing global and domestic economic risks as it...