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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $2.43 to $100.05, while Brent for November lost $3.02 to $104.61 (all figures in this para U.S.). Western Canadian Select traded at a discount of $19.70 to WTI, up from a discount of $27.20. Natural gas for October was unchanged at $2.83. The TSX energy index lost 3.09 points to close at 449.67.

Oil prices retreated today but notched a decisive weekly gain, holding in the triple digits amid escalating violence in the Middle East. In a closely watched monthly report this morning, the International Energy Agency (IEA) said the global supply-demand gap is widening rapidly, as the lack of progress in ending the U.S.-Iran war sends fuel prices soaring. The IEA now sees demand falling by 2.5 million barrels a day in 2026 (compared with the prior forecast of 1.6 million), while supplies shrink by 5.7 million barrels a day, or 6 per cent (compared with 4 per cent previously). "With buffers shrinking and the global refining system stretched to the limit," warned the IEA, "the need for progress in resolving the conflict ... is greater than ever to avoid further market tightening."

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