"Oil prices have surged by more than 50 per cent since the conflict in the Middle East began in late February. West Texas Intermediate (WTI), the North American benchmark crude, was trading for more than $116 US per barrel on Tuesday morning."
"There is going to be a lot of pressure on all of our energy needs for this year. Gasoline, diesel and jet fuel prices could continue to remain high in the near future as oil continues to trade above $100 US per barrel."
"The conflict in the Middle East continues to choke transit through the Strait of Hormuz, cutting off roughly 20 per cent of the world's oil and natural gas supply from international buyers."
The conflict between Iran and the U.S. is causing oil prices to remain elevated, with North American prices projected to average $85 per barrel in 2026. Prices have surged over 50% since February, with WTI trading above $116 per barrel. A recent ceasefire agreement has led to a slight decline in prices, but volatility remains. The Strait of Hormuz conflict is affecting 20% of global oil supply, leading to sustained pressure on energy prices. The Canadian government is exploring measures to alleviate high gas prices for consumers.
Read at www.cbc.ca
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