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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $1.97 to $96.37 on the New York Merc, while Brent for June added $2.90 to $108.23 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.70 to WTI, down from a discount of $19.60. Natural gas for May added three cents to $2.55. The TSX energy index added 9.23 points to close at 407.35.

Oil prices headed higher on stalled progress in U.S.-Iran peace talks, after U.S. President Donald Trump cancelled a trip by his envoys to Pakistan on Saturday. Brent briefly poked above $109 (U.S.), its highest since before the two sides agreed to a ceasefire earlier this month. Although the ceasefire is holding, traffic through the Strait of Hormuz remains at a virtual standstill, prompting Goldman Sachs and Citi to hike their 2026 oil price forecasts in separate research notes yesterday. The latter raised the spectre of Brent spiking as high as $150 (U.S.) if traffic does not normalize imminently.

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