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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery rocketed up $11.42 to $111.54 on the New York Merc, while Brent for June added $7.87 to $109.03 (all figures in this para U.S.). Both benchmarks notched yet another weekly gain -- markets are closed tomorrow for Good Friday -- and WTI closed above Brent for the first time in four years. Western Canadian Select traded at a discount of $36.10 to WTI, down from a discount of $20.00. Natural gas for May lost one cent to $2.80. The TSX energy index added 8.34 points to close at 416.87.

Oil prices soared as U.S. President Donald Trump dimmed hopes of a swift end to the U.S.-Israel-Iran war. In a prime-time speech yesterday evening, Mr. Trump vowed more aggressive strikes, saying the U.S. military has nearly achieved its goals in Iran but will continue to hit targets over the next two to three weeks in order to "bring them back to the Stone Ages." He announced no plans to reopen the Strait of Hormuz and said countries that rely on shipments through the waterway should "just grab it" themselves. (Approximately 40 countries -- including Canada, but not including the United States, according to an official -- participated in virtual discussions today on reopening the strait, though the coalition remains at an early stage.)

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