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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $2.98 to $98.71 on the New York Merc, while Brent for May added $2.68 to $103.14 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.80 to WTI, up from a discount of $23.70. Natural gas for April lost 10 cents to $3.13. The TSX energy index added a fraction of a point to close at 395.31.

Oil prices notched their fourth consecutive weekly gain. The U.S.-Israel-Iran war in the Middle East continues to choke off shipments through the Strait of Hormuz, prompting ever more shut-in announcements (with France's TotalEnergies joining the crowd today and suspending production in Qatar, Iraq and offshore United Arab Emirates). Despite global efforts to contain the price spike -- such as the International Energy Agency's announcement of a record release of oil reserves earlier this week, and U.S. President Donald Trump's move today to ease some of the sanctions on Russian crude -- oil prices have now clinched their largest four-week percentage gain since June, 2020.

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