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by Stockwatch Business Reporter

West Texas Intermediate crude for April delivery added $3.33 to $74.56 on the New York Merc, while Brent for May added $3.66 to $81.40, vaulting over $80 for the first time in nine months (and briefly topping $85 for the first time since July, 2024) (all figures in this para U.S.). Western Canadian Select traded at a discount of $16.80 to WTI, up from a discount of $18.30. Natural gas for April added nine cents to $3.05. The TSX energy index lost -- yes, lost -- 1.82 points to close at 374.11.

Oil prices had another muscular day amid the escalating U.S.-Israel-Iran conflict. Iran has effectively closed the Strait of Hormuz (through which roughly 20 per cent of global oil is moved), vowing to set ships on fire if they try to pass through. A prolonged shutdown would lead to even higher oil and gas prices -- but this in turn is stoking inflation fears, which are weighing on broader markets. The S&P/TSX Composite Index was down by as much as 4 per cent today before settling 2 per cent lower, and the main U.S. indexes ended the day lower as well.

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