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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery plunged $5.33 to $68.51 on the New York Merc, while Brent for August lost $5.53 to $71.48, both benchmarks notching their largest decline by dollar amount since 2022 (all figures in this para U.S.). Western Canadian Select traded at a discount of $6.70 to WTI, up from a discount of $13.50. Natural gas for July lost 15 cents to $3.69. The TSX energy index lost 9.93 points to close at 272.05.

Oil prices had a whipsawing start to the week. They jumped this morning in response to the weekend's escalation of the Iran-Israel conflict, into which the United States dramatically inserted itself by "obliterat[ing]" Iran's main nuclear sites, sparking concerns that an Iranian retaliation could include a closure of the Strait of Hormuz. Today's actual retaliation by Iran -- firing missiles at a U.S. military base in Qatar -- was seen as a restrained if not outright weak response, prompting oil prices to give back their gains and then some.

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