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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.58 to $71.92, while Brent for August added $1.52 to $75.26, snapping their respective four- and three-day winning streaks (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.20 to WTI, down from a discount of $11.00. Natural gas for July added 12 cents at $3.34. The TSX energy index added a fraction of a point to close at 375.28.

Oil prices rose for the first time this week, as cracks showed in the fragile detente between the United States and Iran, renewing concerns about transit through the Strait of Hormuz. A cargo ship reported being hit by a projectile as it attempted to navigate the strait, said British navy agency UKMTO. The International Maritime Organization, which recently unveiled a co-ordinated initiative to move hundreds of ships stranded in the waterway, said it has paused the initiative "to reconfirm that the necessary safety guarantees continue to be in place."

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