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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery added 76 cents to $91.30, while Brent for August added $1.16 to $94.25 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.50 to WTI, down from a discount of $13.80. Natural gas for July lost eight cents to $3.14. The TSX energy index added 6.76 points to close at 422.40.

Oil prices traded higher this morning after Iran and Israel traded missile attacks over the weekend, before paring some gains after both countries promised to simmer down. Meanwhile, in a closely watched monthly meeting yesterday, OPEC+ approved a 188,000-barrel-a-day production hike for July. This is the group's fourth monthly increase in a row and brings the members about 90 per cent of the way through unwinding the cutbacks they implemented in 2023. Because of the continued closure of the Strait of Hormuz, the increase is in name only, but reflects the group's stated "collective commitment to support oil market stability." The next meeting is scheduled for July 5.

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