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by Stockwatch Business Reporter

West Texas Intermediate crude for March delivery added $1.24 to $66.43 on the New York Merc, while Brent for April added $1.31 to $71.66 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI, up from a discount of $18.60. Natural gas for March lost two cents to $2.99. The TSX energy index added 7.78 points to close at 369.69.

Oil prices rushed up to a six-month high on escalating fears of a U.S.-Iranian conflict that could disrupt regional oil supplies through the Strait of Hormuz. Adding to the bullish mood was a surprise drop in U.S. crude inventories. In its latest weekly data release (a day later than usual this week because of a federal holiday on Monday), the U.S. Energy Information Administration said domestic crude inventories decreased by 9.0 million barrels last week. Analysts were predicting an increase of 2.1 million barrels. Gasoline stocks also fell by a larger-than-expected 3.2 million barrels, compared with analysts' projections of a drop of 284,000.

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