Patrick De Haan, head of petroleum analysis at GasBuddy.com says, “Canadian motorists are continuing to feel the sting of rising oil, gasoline, and diesel costs as geopolitical tensions in the Middle East remain elevated, pushing fuel prices higher and driving diesel closer to record territory.”

About a fifth of the world’s oil is transported through the Strait of Hormuz and Iranian strikes on commercial ships in the region has essentially stopped shipping traffic. The United States and Israel attacked Iran more than two weeks ago.

De Haan says until there is meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist globally, including here in Canada. Fuel prices are also seeing further pressure because of the transition to summer gasoline.

Average retail gasoline prices in Saskatoon have risen 13.2 c/L in the past week, averaging 162.12 c/L yesterday, according to GasBuddy’s daily survey of 81 gas outlets in Saskatoon. Gas prices are 37.6 cents a litre higher than a month ago.

Monday the Prime Minister, Mark Carney, met with the Prime Minister of the United Kingdom Keir Starmer and a readout issued by the Prime Minister’s Office said the two leaders discussed the situation in the Middle East. They condemned the Iranian regime’s missile and drone attacks, including on civilian and energy infrastructure.

The two leaders also expressed deep concern over the toll on civilians, the risk of further regional escalation, and the broader global economic consequences of the conflict, including rising energy prices.