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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $3.46 to $97.98 on the New York Merc, while Brent for June lost 72 cents to $95.20 (all figures in this para U.S.). Western Canadian Select traded at a discount of $25.40 to WTI, up from a discount of $26.40. Natural gas for May lost two cents to $2.64. The TSX energy index added 5.95 points to close at 405.07.

Oil prices notched a steep weekly decline -- snapping a seven-week winning streak for Brent, in its first weekly drop since the start of U.S.-Israel-Iran war -- as traders jockeyed for position ahead of high-level regional peace talks. A shaky ceasefire announced earlier this week seems to be holding as the United States and Iran prepare for talks tomorrow in Pakistan. Even with the Strait of Hormuz remaining mostly closed (other than a trickle of primarily Iran-linked vessels, according to reports), the ceasefire was enough to prompt the largest one-week decline in oil prices by dollar amount since 2011, and the largest by percentage since 2020.

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