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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery added $4.44 to $105.83, while Brent for November added $3.07 to $108.75 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.60 to WTI, down from a discount of $23.80. Natural gas for October added two cents to $2.91. The TSX energy index added 14.11 points to close at 466.85.

Oil prices headed higher on fears of prolonged additional supply disruptions in the Middle East. Saudi Arabia has cancelled some oil shipments to Europe because of the shutdown of its East-West pipeline (which was damaged in an attack last week), reported Reuters. U.S. Energy Secretary Chris Wright tried to calm the jitters by telling CNBC that the pipeline should be operational again "in days." Others are not so sure, with Kpler's Homayoun Falakshai (head of crude oil analysis) estimating to the BBC that repairs could take four to six weeks.

As for Canadian energy producers, the spike in oil prices has sent them on a remarkable ride since the start of the conflict in February. The iShares S&P/TSX Capped Energy Index ETF (XEG) closed at $30 today for the first time since its inception in 2001, surpassing its former 2008 peak of $29.56.

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