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by Stockwatch Business Reporter

West Texas Intermediate crude for September delivery added $5.36 to $92.19, while Brent for September added $6.62 to $100.69 (all figures in this para U.S.). Western Canadian Select traded at a discount of $23.10 to WTI, down from a discount of $18.70. Natural gas for August lost one cent to $2.91. The TSX energy index added 9.14 points to close at 434.01.

Oil prices rocketed higher, with Brent hitting triple digits for the first time since May amid worsening supply disruptions in the Middle East. Yemeni Houthis said they attacked two Saudi Arabian tankers in the Red Sea, escalating risks to the main backup route for oil exports since traffic through the Strait of Hormuz slowed to a trickle. Analysts at RBC said the Houthis have pushed the U.S.-Iran conflict into a "decidedly more dangerous phase" for regional oil security, predicting that "oil prices could potentially take out the Russia/Ukraine oil price highs of $128 (U.S.) per barrel in 2022 or even the 2008 peak of $146 (U.S.) per barrel, especially in the worst-case scenario of a full regional war."

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