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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery lost $1.44 to $72.08, while Brent for September lost $1.72 to $76.30 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.40 to WTI, up from a discount of $18.30. Natural gas for August lost 20 cents to $3.01. The TSX energy index lost 5.13 points to close at 393.63.

Oil prices retreated after yesterday's spike, as traders kept a watchful eye on renewed U.S.-Iran tensions. A fragile truce between the two was declared "over" by U.S. President Donald Trump yesterday amid a flare-up in tit-for-tat strikes. In his latest comments, Mr. Trump insisted that Iranian leaders "want to make a deal so badly," but then cast doubt on whether they are "worthy" of making one, or capable of honouring it if they did.

Here in Canada, Adam Waterous's heavy-oil-focused Strathcona Resources Ltd. (SCR) lost 45 cents to $38.55 on 915,300 shares, sliding with oil prices despite taking a step forward in its Lloydminster thermal business. It has achieved first steam at its Meota Central project and expects first oil in September, with peak output of 13,000 barrels a day expected by mid-2027. Management hailed the project as an "important milestone" in its plan to boost production from 125,000 barrels a day in 2026 to 300,000 barrels a day in 2035.

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