“In just a week, Canadian motorists have seen gasoline prices surge at one of the fastest rates in years. ”

That attention-grabbing statement is from Patrick De Haan, head of petroleum analysis at GasBuddy. He explains that when oil prices spiked following U.S. strikes on Iran and the closure of the Strait of Hormuz, the price of crude oil shot above $100 per barrel for the first time in years.

He adds that the fuel markets are forced to quickly adjust to the risk of prolonged disruption to global supply flows, and this could mean the price of gas will climb another 10-25 cents per litre this week, and diesel could rise 15-30 cents per litre across Canada, as well.

As of Sunday, average retail gasoline prices in Saskatoon rose 13.7 c/L in the past week, averaging 149.68 c/L. This is 24.6 c/L higher than a month ago, and this compares with the national average that has increased 18.4 c/L in the last week to 153.88 c/L.

When looking at the province as a whole, gas is currently 145.02 c/L, up 13.4 c/L from last week’s 131.58 c/L.