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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery lost 18 cents to $96.14 on the New York Merc, while Brent for May went the other direction and added $1.27 to $108.65 (all figures in this para U.S.). The gap between the two benchmarks is at its largest since 2015. Western Canadian Select traded at a discount of $16.90 to WTI, up from a discount of $18.50. Natural gas for April added 10 cents to $3.16. The TSX energy index added 10.61 points to close at 415.73.

Global oil prices briefly neared $120 (U.S.) amid the continuing U.S.-Israel-Iran war in the Middle East, before pulling back sharply after Israeli Prime Minister Benjamin Netanyahu stated the war would be "ending a lot faster than people think." As well, in a joint statement, the leaders of Canada, the United Kingdom, France, Germany, Italy, the Netherlands and Japan condemned Iran's closing of the Strait of Hormuz and said they would be willing to join "appropriate efforts" to ensure safe passage. (The careful phrasing comes after U.S. President Donald Trump called on allies to deploy warships to reopen and defend the strait, a proposal that has yet to gain much support.)

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