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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $2.22 to $51.43 on the New York Merc, while Brent for May added $2.71 to $59.19 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.85 to WTI ($38.58), up from a discount of $13.30. Natural gas for April lost 5.1 cents to $2.67. The TSX energy index added a fraction to close at 218.55.

Energy markets roiled after Saudi Arabia and other Gulf states launched air strikes at Shia rebels in Yemen, raising concern of supply disruptions. Yemen is not a large producer of crude -- it produced about 133,000 barrels of oil a day in 2013, according to the U.S. Energy Information Administration (EIA) -- but its location on the narrow Bab el-Mandeb Strait, an important chokepoint in international shipping, puts it near the centre of the global energy trade. Over 3.8 million barrels a day of crude oil and refined petroleum products passed through the strait in 2013. Its closure would keep Persian Gulf tankers from reaching the Suez Canal and SUMED pipeline, forcing them to go all the way around the southern tip of Africa instead.

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