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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.72 to $74.82, while Brent for August lost $2.67 to $77.90 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.40 to WTI, up from a discount of $15.20. Natural gas for July added five cents at $3.25. The TSX energy index added 4.29 points to close at 387.55.

Oil prices had a whipsawing day. Brent spiked past $82 (U.S.) in the early hours amid threats from U.S. President Donald Trump to restart the war on Iran, only to retreat sharply after U.S. Vice-President J.D. Vance said peace talks were making progress. Shipping data show that traffic has picked up through the crucial Strait of Hormuz. Roughly two million to three million barrels a day of regional production could be restored to global oil markets within just four weeks, predicted Australian banking group ANZ in a new research note, adding that another two million to 3.5 million could follow over the third quarter. (The conflict is estimated to have disrupted about 10 million barrels a day, some of which, according to ANZ, may never be recoverable.)

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