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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $6.95 to $106.88 on the New York Merc, while Brent for June added $6.77 to $118.03 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.10 to WTI, up from a discount of $24.60. Natural gas for June (new front month) lost four cents to $2.64. The TSX energy index added 11.18 points to close at 426.75.

Oil prices rose on a deepening deadlock between the United States and Iran over reopening the Strait of Hormuz. U.S. President Donald Trump has rejected Iran's proposal of lifting the U.S. blockade on Iranian ports in exchange for the strait being reopened and nuclear discussions being tackled later. The nuclear issue is a sticking point for Mr. Trump, who signalled that the blockade will stay in place until Iran agrees to curb its nuclear ambitions, and posted a belligerent mocked-up picture of himself on social media with a demand for Iran to "get smart soon."

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