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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $4.21 to $71.23 on the New York Merc, while Brent for May (new front month) added $4.87 to $77.74 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.30 to WTI, down from a discount of $15.90. Natural gas for April lost 10 cents to $2.96. The TSX energy index added 6.63 points to close at 375.93.

Oil prices surged as traders scrambled to react to the joint U.S. and Israeli strikes on Iran over the weekend, plunging the Middle East into a new conflict and disrupting regional oil flows. Several oil majors, shippers and trading houses have suspended crude and fuel shipments through the Strait of Hormuz (which moves about one-fifth of global oil). A prolonged closure could easily send Brent oil prices to $100 (U.S.) or higher, predicted Barclays, RBC and other institutions. JPMorgan went even further, predicting that if the conflict lasts longer than three weeks, Brent could hit $120 (U.S.) (which would be its highest level since shortly after Russia launched its invasion of Ukraine in 2022).

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