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by Stockwatch Business Reporter

It was another volatile day for oil prices, which spiked in early trading after a weekend's worth of reports of fresh U.S.-Iran hostilities, only to pare some gains on new headlines pointing toward de-escalation -- a typical Monday these days. West Texas Intermediate crude for August delivery added 74 cents to $83.23, while Brent for September added $1.12 to $89.22 (after first jumping past $90 for the first time in a month) (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.90 to WTI, up from a discount of $17.50. Natural gas for August lost five cents to $2.86. The TSX energy index added 1.29 points to close at 410.44.

Canadian gas producers heard good news to start the week. ATCO's $2.9-billion Yellowhead gas pipeline has received approval from the Alberta Utilities Commission (AUC), clearing the way for construction to begin immediately. The pipeline will carry over 1.1 billion cubic feet a day -- enough to satisfy the needs of the province's entire electricity grid for a full day -- from Peers to Fort Saskatchewan (near Edmonton) and is expected to be in service in late 2027.

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