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by Stockwatch Business Reporter

West Texas Intermediate crude for June delivery added $4.11 to $102.18 on the New York Merc, while Brent for July added $3.56 to $107.77 (all figures in this para U.S.). Western Canadian Select traded at a discount of $24.40 to WTI, down from a discount of $23.10. Natural gas for June lost six cents to $2.84. The TSX energy index added 9.97 points to close at 427.37.

Oil prices rose on renewed concerns about the fragile U.S.-Iran ceasefire and the continued closure of the Strait of Hormuz. The hit to global oil supplies will be much larger and longer than previously expected, conceded the U.S. Energy Information Administration (EIA) in an updated forecast today. The EIA was previously expecting the Middle East's supply losses to peak at 9.1 million barrels a day in April. Now it says April's losses were actually 10.5 million barrels a day, likely rising to 10.8 million in May. It sees prices staying above $100 (U.S.) for at least the next two months.

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