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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $1.54 to $87.36, while Brent for July lost $1.66 to $92.05 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.60 to WTI, up from a discount of $17.30. Natural gas for July added one cent to $3.29. The TSX energy index lost 4.77 points to close at 408.05.

Oil prices extended their losses today, in the process notching their second weekly decline in a row. On a monthly basis, they posted their largest monthly drop by dollar value since March, 2020. U.S. President Donald Trump claimed in a social media post today that an agreement to end the U.S.-Iran conflict is in sight and that ships stranded in the Strait of Hormuz can "start the process of 'heading home!'" As of this writing, there has been no confirmation of a substantive agreement. Iran's Fars news agency quoted sources as calling Mr. Trump's comments a "mixture of truth and lies."

Here in Canada, the ghost of Keystone XL took another flickering step back to life. Pipeline builder South Bow Corp. (SOBO: $49.60) announced this morning that it has completed a successful open season for its proposed Prairie Connector project, securing 20-year binding commitments for firm transportation from Hardisty, Alta., to U.S. delivery points.

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