CALGARY – Gasoline prices at the pump are on the rise in many Canadian cities as fears around the U.S.-Israeli attacks on Iran drive up world oil prices.
Price-tracker Gasbuddy.com put the Canadian average at 135.7 cents a litre for regular unleaded gas around midday today, though there is a lag as it collects data from stations across the U.S. and Canada.
That’s an increase of 1.6 cents from Sunday and 4.1 cents from last week’s average.
In Toronto, the average price was 134.9 cents a litre, up 5.5 cents from Sunday, while Vancouver saw an uptick of 3.7 cents, Montreal saw an increase of 2.3 cents and Calgary saw prices remain steady.
In midday trading, the April crude contract was over US$71 a barrel, an increase of more than six per cent.
A focus in the current Mideast conflict is the Strait of Hormuz, a key crude oil shipping route at the southern end of the Persian Gulf thorough which 20 per cent of the world’s supply passes.
Monday’s oil price increase was within the US$5-$10 per barrel range expected by analysts based simply on the fear factor associated with the outbreak of war. And some war concerns were already reflected in the price before the conflict started.
However, long-term disruption to ship traffic in the strait could send prices even higher, and so could damage to oil infrastructure in other Gulf countries. Meanwhile, a shorter conflict in which disruptions are easily reversible could mean the current price spike won’t last.
This report by The Canadian Press was first published March 2, 2026.
— With files from The Associated Press.
