"The question with Hormuz is not just whether it's closed but, most importantly, how long it would be closed. If we're talking hours or days, this is mostly a blip and the market can get over it. Weeks or months, this is obviously a much more serious factor."
"Johnston said that the Canadian oilpatch tends to gain from higher prices because Canada's relative stability during geopolitical-driven volatility is considered a benefit to buyers."
"By Monday morning, retail pump prices had ticked up to 135.3 cents per litre higher than the 128.8 cents per litre seen a month ago and lower than the 151.4 cents per litre seen a year ago, according to data from GasBuddy.com."
Gas prices in Canada increased overnight following U.S. and Israeli military action against Iran, as markets react to potential disruptions in Middle Eastern oil supplies. The Strait of Hormuz, a critical global shipping route, faces potential closure risks that could sustain higher prices depending on conflict duration. Oil market experts indicate that brief disruptions lasting hours or days would have minimal market impact, while weeks or months of closure would significantly affect prices. Canadian oil producers benefit from geopolitical volatility due to the country's relative stability. Brent crude reached $78.04 US before settling at $75.79 US, while West Texas Intermediate crude remained at $70.60 US. Canadian retail gas prices rose to 135.3 cents per litre by Monday morning.
Read at www.cbc.ca
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