Context:

Rising tensions between the U.S. and Iran are fueling a near-term uptick in Canadian gas prices, as oil markets react to a potential unraveling of a ceasefire and renewed conflict. Global crude benchmarks climbed, with WTI near $73.60 per barrel and Brent around $73, while Canada’s regular-gas average edged to about $1.64 per litre. Analysts say price movement is tied to expectations of tighter Middle East supply and broader inflationary pressures. The outlook remains uncertain as diplomacy and risk of further strikes evolve.

Dive Deeper:

• GasBuddy analyst Patrick De Haan told Global News that current conditions suggest gas prices will rise by a few cents per litre, though the situation remains fluid and unpredictable.

• Oil markets showed gains, with West Texas Intermediate around US$73.60 per barrel and Brent crude around US$73 per barrel, reflecting supply-demand expectations.

• Canada’s national average for regular gasoline rose to about $1.64 per litre, an increase of roughly four cents from the prior day, according to CAA data.

• U.S. President Donald Trump warned of renewed attacks on Iran after declaring a ceasefire deal was 'over,' amplifying concerns about broader conflict in the region.

• The U.S. move to revoke Iran’s oil licence followed reports of attacks on three tankers in the Strait of Hormuz, signaling heightened risk to global oil flows.

• Analysts emphasize that crude prices are driven by supply-security considerations in the Middle East, where any escalation could disrupt energy markets and feed inflationary pressures.

• The situation remains fluid as diplomacy and military actions unfold, with the potential for further price volatility in the near term.