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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $1.55 to $93.03, while Brent for November added 92 cents to $97.92 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.20 to WTI, down from a discount of $21.40. Natural gas for October lost six cents to $2.91. The TSX energy index added 3.98 points to close at 449.63.

Oil prices climbed to a six-week high, after Iran-backed Houthis attacked Saudi energy facilities and Iran said it fired an advanced missile at U.S. warships. Tehran also threatened Washington that "economic warfare" will be met by a "maritime exclusion zone" across the Persian Gulf. Citing persistent disruptions to oil and gas shipping through the Strait of Hormuz, Goldman Sachs increased its near-term global oil price forecasts, noting that Brent could surpass $120 (U.S.) in 2027 if the escalations continue.

Here in Canada, the oil patch kicked off the curtailed work week with a $10-billion merger. Brian Schmidt's Tamarack Valley Energy Ltd. (TVE) added 44 cents to $13.80 on 15.3 million shares, while Neil Roszell's Headwater Exploration Inc. (HWX) lost 19 cents to $14.03 on 9.78 million shares, as they jointly announced an all-share tie-up to create a "premier North American oil producer." With "top-tier profitability [and] an unmatched position as the only publicly traded pure-play Clearwater producer," the combined company will produce 80,000 barrels a day and be led by Tamarack's management, with a noteworthy but unsurprising change at the top: Steve Buytels, president since last year, is getting a promotion to chief executive officer, while former president and current CEO Mr. Schmidt moves to the executive chairman's seat.

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