Oil prices gained 1% cent today after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East. U.S. West Texas Intermediate crude rose 65 cents per barrel, to settle at $72.02 per barrel. Brent futures rose 61 cents to close at US$77.41 per barrel. Earlier in the session, both benchmarks were up over $2 per barrel but pulled back on an unexpected increase in U.S. inflation and reports China was seeking fewer Saudi imports. U.S. diesel and gasoline futures led energy markets higher with diesel, which is also used as a heating fuel, gaining 3% to a three-week high on forecasts for extreme cold across much of the U.S. next week. One Exchange WCS for February delivery settled today at US$19.15 below the WTI-CMA. The implied value was US$52.97 per barrel.