Gas prices are likely going to tick up once more in Canada, in line with an analyst, as a signed peace agreement between the U.S. and Iran appears to be unravelling.
Oil prices were spiking nearly five per cent Wednesday morning from a day earlier, with the worth for West Texas Intermediate hovering around US$73.60 per barrel as of publication. At the identical time, Brent crude oil in Europe was US$73 per barrel, up greater than three per cent from Tuesday.
Higher oil prices typically end in dearer fuel, including for consumers filling up at gas pumps in Canada.
The national average for normal gas in Canada, as of publication, sits at a median of near $1.64 per litre, in line with CAA. That’s up nearly 4 cents from Tuesday.
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“Based on where we at the moment are, [gas prices will rise] a couple of cents/litre, but this is clearly a continually evolving situation, and I’m sure uncertainty will proceed over what direction we head,” GasBuddy petroleum analyst Patrick De Haan said in an announcement sent to Global News on Wednesday.
Global crude oil prices are largely determined by expectations of supply and demand. With the Middle East being considered one of the major sources of the world’s oil supply, any escalation in conflict risks jeopardizing that offer.
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U.S. President Donald Trump on Wednesday threatened to attack Iran again after saying an initial ceasefire take care of the Islamic Republic was “over,” though he has not made clear whether Washington can be returning to full-scale war with Iran.
This comes after the U.S. on Tuesday revoked Iran’s licence to sell oil following reports that three tankers were attacked within the narrow Strait of Hormuz shipping channel.
Speaking on the sidelines of a NATO summit in Ankara, Trump slammed Iranian officials for what he described as not sticking to the deals they negotiated and warned that the US will likely engage in additional strikes on Wednesday night after U.S. forces carried out attacks the day prior to this.
“I’ll give a bit warning: We’re going to hit them hard tonight,” Trump told reporters on the NATO summit in Turkey.
— with a file from Reuters
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