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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery added $2.51 to $99.08 on the New York Merc, while Brent for June added $4.16 to $99.36 (all figures in this para U.S.). Western Canadian Select traded at a discount of $26.70 to WTI, down from a discount of $25.40. Natural gas for May lost two cents to $2.62. The TSX energy index added 3.27 points to close at 408.34.

The weekend's failed U.S.-Iran peace talks sent oil prices vaulting back into triple digits in early trading, though they gave back some ground over the rest of the session on optimism about future talks. U.S. President Donald Trump, after chastising Iran for its "Illegal Act of EXTORTION" by blockading the Strait of Hormuz, proclaimed yesterday the U.S. navy will now take charge of blockading the strait. He said initially that "any and all ships" would be blocked, but subsequently narrowed this to Iran-linked ships. The relatively muted market reaction suggested that this outcome was not unexpected. "The market ... [is] not quite falling out of bed in the way we saw a couple of weeks ago," one portfolio manager (Allspring's Lauren van Biljon) told Reuters, adding that "It was always a long shot" that the first round of talks would be successful.

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