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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery plunged $10.40 to $83.85 on the New York Merc, while Brent for June lost $9.01 to $90.38, both benchmarks notching a weekly decline (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.20 to WTI, up from a discount of $24.30. Natural gas for May added two cents to $2.67. The TSX energy index lost 19.19 points to close at 381.18.

Oil prices tumbled after the White House and the Iranian foreign ministry said the Strait of Hormuz has been reopened -- to some extent, anyway. The U.S. navy will continue to block Iranian vessels "until such time as our transaction with Iran is 100 per cent complete," said U.S. President Donald Trump on social media, later adding to reporters that he believes a peace deal is "very close." A ceasefire between Israel and Lebanon (whose conflict was seen as one of the sticking points in securing a peace deal in the region) is now in effect. Despite extensive damage to regional energy infrastructure, which by the International Energy Agency's estimates could take up to two years to repair, markets are hopeful that the supply disruptions are finally easing.

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