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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery (new front month) lost $10.10 to $88.13 on the New York Merc, while Brent for May lost $12.25 to $99.94 (all figures in this para U.S.). Western Canadian Select traded at a discount of $6.20 to WTI, up from a discount of $18.00. Natural gas for April lost 20 cents to $2.89. The TSX energy index lost 5.34 points to close at 407.75.

Oil prices had another day for the history books. They plummeted in early trading after U.S. President Donald Trump, who had threatened over the weekend to "obliterate" Iran's power plants if it did not reopen the Strait of Hormuz within 48 hours, backtracked today and said he would postpone strikes for five days because of "very good and productive conversations" with Iran. Prices then pared their losses -- but still ended the day sharply lower -- after Iran flatly denied that any conversations had taken place. The strait remains closed.

Forecasters rattled their crystal balls to try to clear the clouds. Late yesterday, Goldman Sachs hiked its average Brent price forecast for 2026 to $85 (U.S.) from $77 (U.S.), inclusive of a higher March-April average of $110 (U.S.), up from $98 (U.S.). "The price when uncertainty peaks may be $135 (U.S.)," speculated the bank, "... in a risk scenario of 10 weeks of very low flows and [two million barrels a day] of persistent production losses." It added that Brent could even surpass its 2008 peak of $147 (U.S.) if the supply disruptions last longer than envisioned. Ultimately, though, the bank still expects prices to ease back to an average of $80 (U.S.) in 2027.

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