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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added 28 cents to $65.52 on the New York Merc, while Brent for August added four cents to $67.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, unchanged. Natural gas for August lost 21 cents to $3.73. The TSX energy index lost 1.32 points to close at 266.17.

After starting the week at a five-month high, oil prices ended it with their largest weekly decline in more than two years. They are now back where they were prior to the eruption of the Iran-Israel conflict on June 13. The conflict has not caused significant supply disruptions, prompting traders to turn their focus toward tightening inventories, interest rates and the high-demand summer driving season.

Here in Canada, Parliament has passed the controversial "One Canadian Economy" Act, or Bill C-5, giving the federal government sweeping powers to fast-track "nation-building" infrastructure projects. Prime Minister Mark Carney has pitched the bill as a way to help diversify Canada's economy and ensure that exports can more easily reach countries other than the United States. While the legislation does not specify what should be built, projects that could potentially qualify for fast-tracking include ports, railways, pipelines, electricity grids and more.

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