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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $4.13 to $80.75, while Brent for August lost $4.16 to $83.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $9.90 to WTI, up from a discount of $11.20. Natural gas for July added two cents at $3.14. The TSX energy index lost 11.28 points to close at 402.01.

Oil prices tumbled to their lowest levels since March after the United States and Iran reached a framework agreement to extend their ceasefire, reopen the Strait of Hormuz and lift the U.S. military blockade of Iranian ports. "Ships of the world, start your engines. Let the oil flow!" proclaimed U.S. President Donald Trump on social media. No text has been released, but an Iranian official told Reuters that the deal covers a range of issues, including sanctions relief, a release of frozen assets, partial limits on Iran's nuclear program, and the preparation of a reconstruction and development plan for Iran.

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