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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery (new front month) lost 65 cents to $73.21, while Brent for August lost 82 cents to $77.08 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.80 to WTI, down from a discount of $12.40. Natural gas for July lost 10 cents at $3.14. The TSX energy index added a fraction of a point to close at 387.62.

Oil prices edged lower as traders watched for progress in U.S.-Iran peace talks. "We laid a very good foundation for a successful final deal," said U.S. Vice-President J.D. Vance after the first round of talks under the interim agreement reached last week. U.S. President Donald Trump stressed the fragility of the detente, warning that if Iran fails to comply with purported nuclear commitments -- which Tehran says have not yet been discussed -- he will "do what I have to do."

Traders are also monitoring shipping through the Strait of Hormuz. Speaking at a JPMorgan conference, Phillips 66 chief executive officer Mark Lashier estimated that 90 million to 100 million barrels remain stranded in the strait, and clearing them will be "a long, drawn-out paced process."

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