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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery edged up 22 cents to $88.90, while Brent for July went the other way and lost 58 cents to $93.71 (all figures in this para U.S.). Western Canadian Select traded at a discount of $17.30 to WTI, down from a discount of $15.70. Natural gas for July (new front month) added 19 cents to $3.28. The TSX energy index lost 1.97 points to close at 412.82.

Oil prices spiked in early trading on renewed military hostilities between the United States and Iran, before reversing on reports of a tentative deal to extend a ceasefire. (By this point, every credible oil trading desk features a "false alarm" button.) Meanwhile, in its latest weekly data release (a day later than usual this week because Monday was a holiday) the U.S. Energy Information Administration said U.S. commercial crude inventories fell by 3.3 million barrels last week. Analysts were predicting a larger decrease of 4.14 million barrels. (Those figures exclude draws from the Strategic Petroleum Reserve, which saw a 9.1-million-barrel decrease last week and now stands at 365.1 million, the lowest since April, 2024.)

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