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by Stockwatch Business Reporter

West Texas Intermediate crude for July delivery lost $2.32 to $87.71, while Brent for August lost $2.72 to $90.38 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.90 to WTI, up from a discount of $16.00. Natural gas for July lost 10 cents at $3.08. The TSX energy index lost a fraction of a point to close at 415.27.

Oil prices had a roller coaster of a day, tracking the whims of U.S. President Donald Trump regarding the U.S.-Israel-Iran war. They soared in early trading after Mr. Trump threatened on social media to hit Iran "VERY HARD, TONIGHT," and take control of the country's energy infrastructure. Within hours, he said the strikes were cancelled and a preliminary peace deal could be announced "shortly," sending prices sharply lower.

Speaking of mood changes: "Despite all the commentary out there that oil demand is declining, we have not registered signs of that yet ... [and] still see robust demand growth at 1.2 million barrels a day for this year." So said OPEC Secretary-General Haitham Al Ghais at an economic forum in Russia last week. Today he was singing a different tune. In its latest monthly oil market report this morning, OPEC reduced its 2026 demand growth forecast to 970,000 barrels a day -- the second reduction in a row, after the original forecast of 1.38 million was trimmed last month.

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