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by Stockwatch Business Reporter

West Texas Intermediate crude for August delivery shot up $6.73 to $78.14, while Brent for September added $7.29 to $83.50 (all figures in this para U.S.). Western Canadian Select traded at a discount of $21.10 to WTI, down from a discount of $14.40. Natural gas for August lost four cents to $2.89. The TSX energy index added 12.49 points to close at 406.52.

Oil prices surged higher (with Brent notching its largest one-day percentage increase since 2020) after another weekend of tit-for-tat strikes between the United States and Iran in the Middle East. Both countries have asserted that they control the Strait of Hormuz. U.S. President Donald Trump declared on social media that his country will become the "guardian" of the strait in exchange for 20-per-cent tolls on all cargo shipped through it, adding that the U.S. navy has reimposed its blockade against Iran. Iran's Revolutionary Guard rejected U.S. claims of control and warned that "continued interference could lead to greater incidents in the oil and gas sector."

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