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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery added $1.89 to $70.44, while Brent for September added $2.17 to $74.16 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.20 to WTI, down from a discount of $15.10. Natural gas for August added two cents to $3.26. The TSX energy index added 11.30 points to close at 384.24.

Oil prices spiked on headlines reporting an overnight attack on a Qatari liquefied natural gas (LNG) tanker in the Strait of Hormuz. This is the first time that an LNG vessel from Qatar, a mediator in U.S.-Iran peace talks, has been struck since the start of the U.S.-Iran war in February. Showing impatience with the pace of negotiations, U.S. President Donald Trump reiterated his threats to resume bombing Iran and "finish the job" unless Tehran agrees to a deal. Tehran responded that such threats violate last month's memorandum of understanding to end the war. In postsettlement trading, oil prices climbed even higher (with Brent surpassing $76 (U.S.)) after Washington revoked the general licence that authorized Iranian oil sales.

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