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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $3.02 to $96.05, while Brent for November added $3.29 to $101.21, crossing $100 for the first time since July (all figures in this para U.S.). Western Canadian Select traded at a discount of $20.80 to WTI, up from a discount of $22.20. Natural gas for October lost nine cents to $2.82. The TSX energy index added 4.44 points to close at 454.07.

Oil prices reached triple digits on escalating violence in the Middle East, with Iran launching tit-for-tat strikes on ships near the Strait of Hormuz following U.S. attacks on Iranian oil tankers. The exchange marks the most intensive wave of maritime conflict since the U.S.-Iran war began in February, stoking fears that the already badly disrupted strait could become even less hospitable.

Here in Canada, Ottawa's "one project, one review" approach took a step forward, at least on paper. Today's Canada Gazette unveiled regulatory amendments aimed at simplifying reviews of major projects that are currently subject to both the Impact Assessment Act (IAA) and the Canadian Energy Regulator Act (CERA). The government will now remove certain types of projects from the IAA's "designated list," thereby allowing those projects to be assessed and regulated by a single regulator under the CERA, or -- for those that receive national interest status -- under the Building Canada Act. Removed projects include international and interprovincial pipelines, in situ oil sands projects above a certain production threshold, and CERA-regulated facilities that are "functionally integrated into a federal work or undertaking."

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