Gas prices are likely going to tick up once again in Canada, according to 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 price for West Texas Intermediate hovering around US$73.60 per barrel as of publication. At the same time, Brent crude oil in Europe was US$73 per barrel, up more than three per cent from Tuesday.
Higher oil prices typically result in more expensive fuel, including for consumers filling up at gas pumps in Canada.
The national average for regular gas in Canada, as of publication, sits at an average of close to $1.64 per litre, according to CAA. That’s up nearly four cents from Tuesday.
-
![]()
Oil prices surge after Trump declares end of Iran peace deal -
![]()
Iran, U.S. give conflicting messages on peace talks -
![]()
Economists say gas prices fueling inflation surge in Atlantic Canada -
![]()
Canada sees highest inflation rate in more than two years -
![]()
Top News: Inflation in Canada jumps to 3.2% year-over-year in May
Global crude oil prices are largely determined by expectations of supply and demand. With the Middle East being one of the main sources of the world’s oil supply, any escalation in conflict risks jeopardizing that supply.
Get breaking National news
U.S. President Donald Trump on Wednesday threatened to attack Iran again after saying an initial ceasefire deal with the Islamic Republic was “over,” though he has not made clear whether Washington would 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 in 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 United States will likely engage in additional strikes on Wednesday night after U.S. forces carried out attacks the previous day.
“I’ll give a little warning: We’re going to hit them hard tonight,” Trump told reporters at the NATO summit in Turkey.
— with a file from Reuters
Hey, TDS loser – Carney and Anand agree with him because they like inflation being our only GDP growth.
Oh please it shot up BEFORE that f*t c*nt declared a thing. The oily barons are having a field day cause none of the governments have guts to close em down. Gouge gouge gouge is the Canadian way. Meanwhile Cornhole and his stick wife are in Arabia, hob-knobbing with a killer and his regime for trinkets.
Did the price really ever go down.
Trump is the one that is “over.” Past date
The government likes high fuel prices, they make an awful lot of money off of us tax payers. Regardless of who’s in power.
Trump’s gonna take a dump in every liberal voters throat!
TRUMP 2028, make Canada great again.
So @BEN
YUP it is a world price….but if Canada only imports 11% of its oil from middle east, it would stand to reason that we could better withstand instability in the region if WE HAD BUILT UP OUR OIL INFRASTRUCTURE in the last 12 years. And the ones responsible for blocking that infrastructure was the Liberal government.
Gas prices will rise everywhere, not only Canada. The American’s are scared to put boots on the ground in Iran, but that is the only way to terminate these evil miscreants…
Mark Carney has so much to learn from the US president. He just has zero experience running a country and it sh
IF ONLY canada had oil and gas. Carney is failing us in epic proportions. Still no mention of a reserve. Still nothing built for new pipelines. Canada is embarrassing. Investment fleeing at historic rates. Flat out Recession.
Hey Duped…. you were duped if you voted for Carney thinking he was going to put right what Trudeau ruined.
Of course it’s over president taco and his family need to make more money from the markets
I don’t understand. All the right wing people say the cost of gas is all because of Carney. Could they be fibbing and the real reason is Trump and Netanyahu, gee I feel duped
A mature president would have used JCPOA as a starting point to, if necessary, improve upon or exercise the intrinsic controls. This would have contributed to a stable global economy. Apart from his sycophants, few people around the world will thank trump for worsening their economic situation.
On the upside, the mid-power idea, by trade and innovation, should start to counter these immature actions from america.
For a while, economically and politically, it’s going to be a bit of a bumpy ride while the world reduces americas’ influence.
Dear moronic Ben, and why are oil prices global? The complaint, you thick brick, is that we rely on others to refine the oil we own.
You are a complete and other idiot and.you are going to need to go into hiding because the Liberal Party of Canada is gone with the Boomers.
I continue to try to advise BOTH sides of the gasoline vs. ev new car discussion.
As long as this guy is in, obviously you need a HYBRID. You will be using electric for a month, then gas, then blah, blah….and there’s nothing you can do about the flipflopping but be ready for both.
Dee is a Russkie.
Trump is being played like a fiddle by the Islamists in charge in Iran. There is only one thing that they understand, overwhelming strength. The US should just get the job dine in one fell swoop and destroy the IRGC and the radical Islamists control in Iran and then give the people of Iran the opportunity to vote in free elections.
Dee Ironside
July 8, 2026 at 2:58 pm
And completely lost here is that Iran rocketed 3 tankers for not paying the Protection Fee to transit through international waters. Man, you anti-Semitic types are truly blind.
Yes Dee, we know you are g*nocidal, just like Trump, but, that does Not give you the right to kill anymore than Iran. BOTH SIDES ARE WRONG! All three in fact! Includes Trump and Nuttyyahhoo!!
And completely lost here is that Iran rocketed 3 tankers for not paying the Protection Fee to transit through international waters. Man, you anti-Semitic types are truly blind.
No, it is because we and the rest of the world depend on oil for everything and liberals need to get out of the way.
Vancouver gets its oil from Alberta via the Trans Mountain pipeline and not from Iran. To beat the Big Oil gasoline price rip-off, buy an EV.
Fuc off, Dave, and go back and suck trumps coc some more. Creep
The MAGA supporters in Canada are so stupid they actually believe this is all Carney’s fault. Just like how the MAGA supporters in the USA blame Biden for every mistake that Trump makes. You can’t fix stupid
Again to the folks who don’t know. The oil price is a world price. Ergo, even if we were have another two pipelines, the price of oil would not drop significantly. Good grief!
Oil markets for the eastern & western hemispheres should be separate. This is getting stupid.
Should have wiped Iran off the planet when they had the opportunity
No, they are set to rise because Liberals blocked our resource development and refuse to give up reliance on the US refining our oil.
But MAGA traitors here will blame Carney not their cult leader.