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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $2.65 to $82.36, while Brent for October lost $3.59 to $88.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.20 to WTI, up from a discount of $16.70. Natural gas for September lost one cent to $2.77. The TSX energy index lost 11.57 points to close at 435.99.

Oil prices fell as traders continued to digest yesterday's "D-Day" U.S. sanctions against Iran. Though limited in scope (especially as they avoid targeting Iran's biggest oil customer, China), the sanctions could squeeze Iran enough to force a return to the negotiating table, say the oil bears. Concerns over shipments through the Strait of Hormuz also eased today on reports that Iran and Oman will establish a joint temporary shipping lane through the waterway. Diplomats said they are discussing "a phased framework that could provide a practical and workable basis for moving forward."

Here in Canada, cross-border trade tensions continued to dominate headlines, as Ottawa announced retaliatory tariffs on billions of dollars of U.S. goods. The dispute makes for an awkward backdrop as Canada attempts to persuade global investors to pour in billions of capital. In three weeks, from Sept. 14 to 15, Toronto will host the Canada Investment Summit, a two-day assembly of business glitterati. With Canada now "at war" with its largest trading partner (as Prime Minister Mark Carney himself described it), summit attendees will have "reasonable questions" about the fallout, said Michel Leduc, chief public affairs officer of the Canada Pension Plan Investment Board, to The Globe and Mail.

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