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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $4.70 to $76.05, while Brent for August lost $4.21 to $78.96, a neighbourhood it has not seen since the beginning of March (all figures in this para U.S.). Western Canadian Select traded at a discount of $8.80 to WTI, up from a discount of $9.90. Natural gas for July added nine cents at $3.23. The TSX energy index lost 7.93 points to close at 394.08.

Oil prices continued to retreat after yesterday's preliminary U.S.-Iran peace deal. Details remain scant, with U.S. Vice-President J.D. Vance telling CNN that the deal is "about a page and a half, so it is a very general document," requiring "a number of issues" to be ironed out during a 60-day negotiation window. A number of banks nonetheless lowered their oil price forecasts on the expectation that the Strait of Hormuz will be reopened faster than previously thought. Goldman Sachs now sees Brent at $80 (U.S.) in the fourth quarter instead of $90 (U.S.), while Morgan Stanley cut its fourth quarter forecast to $80 (U.S.) from $95 (U.S.).

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