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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $3.80 to $87.25 on the New York Merc, while Brent for May added $4.18 to $91.98 (all figures in this para U.S.). Western Canadian Select traded at a discount of $18.90 to WTI, down from a discount of $6.30. Natural gas for April added 20 cents to $3.22. The TSX energy index added 9.79 points to close at 386.75.

Oil prices resumed their rapid climb, as the intensifying U.S.-Israel-Iran war in the Middle East outweighed the announcement of a co-ordinated release of global emergency stockpiles. "Get ready for oil to be $200 (U.S.) a barrel," threatened an Iranian military spokesman in comments addressed to the U.S. government. Meanwhile, the 32 member countries of the International Energy Agency (IEA) announced today that they will release a record 400 million barrels of oil from their reserves. "The oil market challenges are unprecedented in scale," intoned IEA executive director Fatih Birol, "... [and we] have responded with an emergency collective action of unprecedented size."

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