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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $2.65 to $98.07 on the New York Merc, while Brent for July added $2.92 to $104.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.10 to WTI, down from a discount of $21.00. Natural gas for June added 15 cents to $2.91. The TSX energy index added 6.95 points to close at 417.40.

Oil prices climbed as the United States and Iran failed to agree on a peace proposal, with U.S. President Donald Trump saying a ceasefire in the region is "on life support." The continued closure of the Strait of Hormuz could delay a recovery in oil markets to 2027, warned Saudi Arabia's Saudi Aramco. Echoing such comments, J.P. Morgan is now predicting that (assuming the strait reopens on June 1) oil prices will stay in the low $100s (U.S.) throughout most of the rest of 2026, though by early 2027 inventories will normalize to prewar levels and push prices down.

Here in Canada, an announcement out of Ottawa on Friday had tongues wagging all weekend and into Monday. The federal government, in a bid to "strengthen a uniform regulatory system for major projects ... [and] give investors and project proponents the certainty they need to build," has launched two reform-related discussion papers to engage Canadians over a 30-day period. One that will surely engage the oil patch is "Get Major Projects Built in Canada." It outlines a series of proposals, including a one-year deadline for federal reviews and decisions, the launch of a "Consultation Hub" as a one-stop shop to handle indigenous consultations, and the creation of "Federal Economic Zones" to further simplify eligible projects. Once the 30-day engagement period is up, the government says it will review the feedback and "will be moving quickly to introduce legislation."

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