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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery (new front month) added $3.29 to $92.96 on the New York Merc, while Brent for June added $3.43 to $101.91 (all figures in this para U.S.). Western Canadian Select traded at a discount of $22.20 to WTI, up from a discount of $23.70. Natural gas for May added three cents to $2.72. The TSX energy index added 5.14 points to close at 396.57.

Oil had another volatile day. Despite earlier threats to resume military strikes on Iran, U.S. President Donald Trump stuck to pattern by reversing course and extending a ceasefire, leading to a drop in oil prices this morning. Then prices reversed course and headed higher on reports of gunfire attacks on container ships in the Strait of Hormuz. This offset bearish data from the U.S. Energy Information Administration, which reported today that U.S. crude stocks increased by 1.9 million barrels last week, countering analysts' predictions of a decrease of 1.2 million barrels.

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