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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.32 to $72.32 on the New York Merc, while Brent for April added $1.21 to $75.87 (all figures in this para U.S.). Western Canadian Select traded at a discount of $13.70 to WTI, down from a discount of $12.70. Natural gas for March added 13 cents to $3.44. The TSX energy index added 5.51 points to close at 274.43.

Oil prices headed higher after three weekly losses in a row, as traders weighed the latest tariff threats from U.S. President Donald Trump, who over the weekend pledged 25-per-cent tariffs on steel and aluminum imports (including from Canada). This could potentially affect U.S. oil drillers, which rely on non-U.S.-made specialty steel. Mr. Trump's history of delaying or modifying tariffs has led to uncertainty as to whether the latest threats are anything more than bluster. Meanwhile, geopolitical tensions in the Middle East are on the boil again (raising the risk of regional supply disruptions), after Israel and Hamas each accused the other of violating their already fragile ceasefire agreement.

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