Drivers in the GTA are about to see a big jump prices on Wednesday.
En-Pro tells CityNews that prices are expected to rise six cents at midnight, to an average price of 141.9 cents/litre at local stations.
The rise at the pumps comes as the Strait of Hormuz, a waterway controlled by Iran that one-fifth of the world’s oil is shipped through, is closed because of the ongoing conflict in the Middle East.
In the U.S., the average price for a gallon of gasoline jumped 11 cents overnight to about $3.11, according to motor club AAA.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Benchmark U.S. crude jumped 8.6 per cent to $77.36 a barrel.
Brent crude, the international standard, added 6.7 per cent to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
