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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $4.48 to $106.42 on the New York Merc, while Brent for July added $6.27 to $114.44 (all figures in this para U.S.). Western Canadian Select traded at a discount of $27.80 to WTI, down from a discount of $20.00. Natural gas for June added eight cents to $2.86. The TSX energy index added 5.83 points to close at 431.51.

Oil prices jumped on heightened tensions in the Middle East, after Iranian media reported that a U.S. navy vessel was struck by missiles (a claim Washington denied). Over the weekend, U.S. President Donald Trump spoke dismissively of Iran's latest peace proposal, which pressed for an end to the war within 30 days. Tehran said yesterday that it is reviewing the U.S. government's response. Mr. Trump also said that the U.S. will launch "Project Freedom" to guide commercial ships out of the Strait of Hormuz, leading Iranian forces to respond that the strait is and will remain "in our hands."

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