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Oil prices fell sharply Wednesday morning amid news Iran has agreed to reopen the Strait of Hormuz as part of its two-week-long ceasefire with the United States.

The surge is oil and gas prices caused by the war in the Middle East hasn't changed the immediate investment plans of Canadian producers, say industry executives.

The mixed movements followed a whirlwind of action in the war over the weekend, including an entry into the fighting by Houthi rebels in Yemen.

Lower oil prices help bring down costs for all kinds of businesses, and the price for a barrel of Brent crude to be delivered in June fell 4.6% to settle at US$94.79 Tuesday.

The oil shock from the war is 'already bigger than the peak in either of the 1970s oil shocks, or the first two Gulf Wars,' the note said.

The main U.S. indexes were on track to open higher on Monday after President Donald Trump said he would order the military to postpone strikes against Iranian power plants.

The average price-gap between light U.S. and heavy Alberta crude blends narrowed by 37.5 per cent between 18-month lead-up to TMXs completion and the 18 months that followed.

Experts are saying that Canadians are unlikely to see a notable change in food, fuel or oil prices in the near future as 'considerable uncertainty' remains.

Oil prices plunged below US$95 per barrel, and stock markets surged worldwide Wednesday after U.S. President Donald Trump pulled back from his threat to destroy Iran.

U.S. benchmark crude fell US$1.24 to US$94.53 per barrel. Brent crude, the international standard, rose to US$104.17 per barrel. That's down from more than US$106 on Monday.

Countries around the world are grappling with skyrocketing costs for key commodities like oil and fertilizer as the war with Iran continues to upend global trade.

U.S. benchmark crude oil jumped US$4.52 to US$91.77 a barrel. Brent, the international standard, climbed US$5.34 to US$97.32 per barrel after briefly eclipsing the US$100 level.

Hope for a possible end to the war with Iran is taking over again on Wall Street Wednesday, and stocks are back to jumping while oil prices ease.

Iran's military command said on Wednesday the world should be prepared for oil to hit US$200 a barrel, as three more ships came under attack in the blockaded Gulf.

West Texas Intermediate, the North American benchmark, went from US$71 per barrel on Monday to $90US a barrel on Friday — the biggest weekly gain since Russia invaded Ukraine.

Tech shares led U.S. stocks modestly higher on Tuesday as hopes for an earlier-than-expected end to the U.S.-Israeli war on Iran persisted.

As the global rise in oil prices pushes up the cost of living, the province is under pressure to trigger Alberta's fuel tax relief program and cut 13 cents a litre at the gas pump.

Germany's finance ministry said on Monday that G7 finance ministers would meet later in the day to discuss the impact of the war in Iran.

G7 finance ministers said they were monitoring the situation and were prepared to implement 'necessary measures,' but stopped short of committing to release emergency reserves.

European leaders have deflected entreaties from U.S. President Donald Trump to send military assets to secure the Strait of Hormuz.