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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $5.76 to $89.61 on the New York Merc, while Brent for June added $5.10 to $95.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.70 to WTI, down from a discount of $11.20. Natural gas for May added one cent to $2.68. The TSX energy index added 2.88 points to close at 384.06.

Oil prices whipsawed again, jumping on reports that Iran reimposed its closure of the Strait of Hormuz over the weekend and vowed that the waterway will remain closed until the U.S. navy ends its own blockade. U.S. President Donald Trump, after boasting that the navy has seized an Iranian cargo ship, reverted to his pattern of threatening to destroy civilian infrastructure if Iran rejects his terms. This latest escalation comes ahead of the expiry of a two-week ceasefire that was announced April 7. Even if the ceasefire is extended, and even if the Strait of Hormuz is reopened and regional oil production recovers to normal levels by the end of June, the overall loss to global oil inventories would be around 900 million barrels, estimated Citi in a report today.

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