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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery shot up $3.61 to $73.71 on the New York Merc, while Brent for December added $3.72 to $77.62 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.50 to WTI, down from a discount of $13.50. Natural gas for November added nine cents to $2.97. The TSX energy index added 7.58 points to close at 280.19.

Oil prices took their biggest one-day jump in 12 months (in percentage and dollar terms), amid increasing tensions between Israel and Iran, and increasingly fevered speculation on how high prices might climb. Chief commodities analyst Bjarne Schieldrop of Swedish bank SEB offered a particularly memorable take on CNBC. "If you take out installations in Iran," he said, referring to a theoretical Israeli attack on Iranian crude export infrastructure, "easily you go to $200 (U.S.) plus [Brent]." The sound bite was too tasty to resist. Soon headlines of $200 (U.S.) oil abounded.

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