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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery tumbled $18.54 to $94.41 on the New York Merc, while Brent for June lost $14.52 to $94.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.80 to WTI, up from a discount of $33.50. Natural gas for May lost 15 cents to $2.72. The TSX energy index lost 19.13 points to close at 405.50.

Oil prices had a dramatic day, with Brent falling as low as $91 (U.S.) in early trading and then bouncing partway up to settle near $95 (U.S.) -- still its largest one-day percentage decline in six years. The plunge came after U.S. President Donald Trump, once again backing down on earlier threats toward Iran, announced a two-week ceasefire, conditional on Iran's reopening of the Strait of Hormuz. Wide gaps in the countries' proposals for lasting peace kept markets on edge and sent oil prices nosing slightly higher again. It did not take long for reports to arrive that Iran has closed the strait once more, blaming Israeli attacks in Lebanon. The White House insisted that reports of another closure are false, but shipping sources told Reuters that Tehran is maintaining its chokehold and threatening ships that try to transit without permission.

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