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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added 89 cents to $85.83, while Brent for October added 60 cents to $91.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.20 to WTI, down from a discount of $18.30. Natural gas for September added four cents to $2.81. The TSX energy index lost 2.69 points to close at 443.54.

Oil prices headed higher as traders sifted through the latest developments in the U.S.-Iran stand-off. U.S. President Donald Trump claimed that no peace talks are taking place with Iran and none are scheduled, while also posting a map depicting the Strait of Hormuz as a "new U.S. territory." In one of his habitual mood changes, he later said the U.S. might reopen negotiations "maybe at some point," although "right now the situation is so good."

Separately, in its latest weekly data release, the U.S. Energy Information Administration (EIA) reported that U.S. commercial crude inventories rose by 4.4 million barrels last week, their third weekly gain in a row. Analysts were expecting a decrease of 1.6 million barrels. Offsetting the surprise increase was another drawdown from the Strategic Petroleum Reserve (SPR), which released 5.3 million barrels last week -- its 21st weekly drop in a row -- and now stands at 293.4 million, its lowest level since 1982. (Prior to the start of the U.S.-Iran war in February, the SPR held over 415 million barrels.)

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