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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $2.05 to $85.01, while Brent for October lost $2.22 to $92.17 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.70 to WTI, up from a discount of $19.40. Natural gas for September added one cent to $2.78. The TSX energy index lost 4.13 points to close at 447.56.

Oil prices slipped following two straight weeks of gains, as traders weighed the new U.S. economic isolation plan for Iran, released this afternoon on what the U.S. Treasury Department dubbed "Economic D-Day." In addition to imposing fresh sanctions targeting Iranian shipping, digital assets and other sectors, Washington is expanding the categories for secondary sanctions on countries and entities that do business with Iran. The goal, said U.S. Treasury Secretary Scott Bessent, is to cripple Iran and "sever [its] every economic lifeline."

Mr. Bessent noted that the expanded secondary sanctions will not take effect immediately. "We are giving everyone the opportunity to remedy bad behaviour," he said, adding that those who fail to heed his warning should "expect to share in the isolation of a withering regime." Iran's main trading partner and the largest buyer of its crude is China. Beijing has repeatedly criticized the U.S. move to ratchet up economic pressure on Iran, saying this "will only exacerbate tensions and escalate the situation." As for Iran, it continued to vow harsh consequences in response to sanctions, including choking off oil exports not just through the Strait of Hormuz but the entire Persian Gulf.

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