"Oil prices jumped immediately after the sort of invasion was launched, said Warren Mabee, director of the Institute for Energy and Environmental Policy at Queen's University. He said prices went up about seven per cent across the board globally and expects they'll continue to increase if the conflict continues."
"The increase in prices will vary across the country, as some places will be more insulated if they have more supply on hand, Mabee said. What really matters is how long the conflict goes on as to whether those prices will go up much more or whether they'll stabilize and maybe start to decline again."
"We can expect probably a five to 10 per cent rise in gas prices just over the next little while. The rise in prices comes as oil markets react to escalating tensions in the Middle East and disruptions to oil tankers accessing the Strait of Hormuz, which experts say is one of the world's busiest."
Gas prices in the Greater Toronto Area jumped six cents per litre to 143.9 cents on Wednesday, while the national average increased four cents to 138.1 cents per litre. The increases stem from escalating U.S.-Israel-Iran tensions, which triggered immediate global oil price spikes of approximately seven percent. Experts anticipate continued price increases if the conflict persists, with projections of five to ten percent rises in the near term. Price increases vary regionally depending on local supply levels. The Strait of Hormuz, a critical shipping lane, faces disruptions affecting oil tanker access. The duration of the conflict will determine whether prices continue rising or stabilize and decline.
Read at www.cbc.ca
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