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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $1.91 to $96.35 on the New York Merc, while Brent for July lost $2.44 to $102.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.80 to WTI, down from a discount of $14.90. Natural gas for June added one cent to $3.01. The TSX energy index lost a fraction of a point to close at 438.83.

Oil prices soared in early trading, then swung to a loss, as traders monitored hour-by-hour reports on U.S.-Iran peace negotiations. Meanwhile, the head of the International Energy Agency (IEA) told an audience in London that the start of peak summer demand, combined with a stranglehold on exports from the Middle East, could push oil markets into the "red zone" by July or August. Fatih Birol made the prediction in a speech at Chatham House. He did not specify what the red zone might look like. (Presumably it bears similarities to what the IEA outlined in a monthly Oil Market Report last week, in which it predicted that even if the conflict ends by early June, markets will remain "severely undersupplied" until October and stay "tight well beyond" the end of the year. "The oil market outlook," it concluded grimly, "is stark.")

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