Canadian gas prices to rise as Trump says peace with Iran ‘is over’ – National
Gasoline prices are likely to rise again in Canada, according to an analyst, as the peace agreement signed between the US and Iran seems unlikely to materialize.
Oil prices were up nearly 5 percent on Wednesday morning from the previous day, with West Texas Intermediate trading at around US$73.60 per barrel as of press time. Meanwhile, Brent crude in Europe was at US$73 per barrel, up more than three percent since Tuesday.
Higher oil prices often lead to more expensive fuel, including for consumers filling up gas pumps in Canada.
The national average for regular gas in Canada, as of press time, is hovering around $1.64 a litre, according to the CAA. That’s up about four cents from Tuesday.
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“Based on where we are now, [gas prices will rise] a few cents/liter, but obviously this is an ever-changing situation, and I’m sure there will continue to be uncertainty about where we’re headed,” GasBuddy fuel analyst Patrick De Haan said in a statement to Global News on Wednesday.
Global crude oil prices are largely determined by supply and demand expectations. Since the Middle East is one of the world’s main sources of oil supply, any escalation of conflict threatens that supply.
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US President Donald Trump on Wednesday threatened to strike Iran again after the initial ceasefire agreement with the Islamic Republic “has expired,” although he did not specify whether Washington would return to full-scale war with Iran.
This comes after the US on Tuesday revoked Iran’s oil sales license following reports that three tankers were attacked in the narrow shipping lane of the Strait of Hormuz.
Speaking on the sidelines of a NATO summit in Ankara, Trump criticized Iranian officials for what he described as not sticking to the accords they negotiated and warned that the United States could launch further strikes on Wednesday night after US forces launched an attack the previous day.
“I’m going to give a little warning: We’re going to hit them hard tonight,” Trump told reporters at a NATO summit in Turkey.
– via file from Reuters
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