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Canadian gas prices impacted by Middle East conflict
Quebec and Saskatchewan drivers face rising gas prices due to disrupted oil flow through the Strait of Hormuz, which handles 30% of global oil shipments, experts say.
- On Wednesday, Quebec motorists in parts of Montreal paid about $0.06 more per litre at the pump, affected by rising tensions in the Middle East.
- Concerns about oil flows through the Strait of Hormuz are tightening markets, as Tehran's threats to block it raise supply worries for nearly 20 per cent of global shipments.
- In Kirkland, regular fuel was posted at $1.619 and $1.599 per litre while Brent crude traded at roughly $81 US per barrel Wednesday.
- Analysts warn oil at $100 US per barrel could push pump prices higher by $0.20 to $0.30 per litre, with further increases expected if the conflict persists.
- With uncertainty over the conflict's duration, future pump impacts remain unclear as Devan Mescall, University of Saskatchewan accounting professor, said 30 per cent of oil transits the Strait of Hormuz, risking spillover to Saskatchewan drivers.
31 Articles
31 Articles
The Toronto Star
Middle East conflict could drive up costs across Canada’s supply chains: experts
OTTAWA - Analysts are warning the conflict in the Middle East could drive up costs across Canada's supply chains and compound price pressures at the grocery store.
Winnipeg Free Press
Middle East conflict could drive up costs across Canada's supply chains: experts
Breaking News, Sports, Manitoba, Canada
The effects of the war in Iran and the disruption of the world oil market are already being felt in Quebec. Throughout the province, the price of gasoline is burning – and is likely to continue to rise as long as the conflict continues.
Middle East tensions push Montreal gas prices up
Rising tensions in the Middle East are driving up oil prices, with Quebec motorists already seeing higher costs at the pump. Gas prices in parts of Montreal climbed by about $0.06 per litre Wednesday compared with the previous day. In Kirkland, regular fuel was posted at $1.619 per litre at an Esso station, while a Petro-Canada outlet at Notre-Dame […]
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