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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.23 to $69.50, while Brent for August lost 23 cents to $72.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.90 to WTI, up from a discount of $14.70. Natural gas for August added nine cents to $3.27. The TSX energy index lost a fraction of a point to close at 373.15.

Oil prices took their largest quarterly tumbles in years as traders continued to monitor U.S.-Iran peace talks. The Brent benchmark is down by 38 per cent or $45 (U.S.) since the start of the quarter, notching its largest quarterly decline by percentage since 2020 and the largest by dollar amount since 2008. WTI held up only mildly better, posting a quarterly loss of 31 per cent or $38 (U.S.), in both cases the worst performance since 2020. What went up did indeed come down. For context, during the first quarter (and particularly after the U.S.-Iran war started in late February), both benchmarks clinched their largest quarterly gains by percentage since 1988.

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