"The rising prices come after Israel and the United States attacked Iran last Saturday, resulting in Iran launching retaliatory strikes on Israel and U.S. bases. Hundreds have died, thousands are looking to evacuate and countless more are facing a humanitarian crisis. The widening war has also disrupted oil tanker traffic in the Strait of Hormuz, a crucial artery through which a fifth of the world's oil passes."
"Benchmark crude oil prices in the U.S. hit a two-year high on Friday as the conflict is poised to stretch into its second week, with the price for a barrel of oil rising above $90 US for the first time since October 2023."
"There shouldn't be any actual fuel supply disruptions affecting Canada or the United States, as they produce plenty of their own oil, said Gasbuddy petroleum analyst Matt McClain earlier this week. But we are going to see some price points that may be a little inconvenient or, depending upon how this conflict plays out, potentially up to painful."
Canadian fuel prices climbed significantly this week, reaching an average of 150 cents per litre, approximately 20 cents higher than the previous week. British Columbia experienced the highest prices at 168.6 cents per litre. The price increase stems from escalating Middle East tensions following Israeli and U.S. attacks on Iran, which prompted Iranian retaliatory strikes. This conflict has disrupted oil tanker traffic through the Strait of Hormuz, a critical passage for one-fifth of global oil supplies. U.S. benchmark crude oil prices hit a two-year high, exceeding $90 per barrel for the first time since October 2023. While Canada and the United States produce sufficient domestic oil to avoid actual supply disruptions, consumers face higher pump prices. Drivers report feeling the financial impact, with expenses cutting into other household spending.
Read at www.cbc.ca
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