Drivers in the Greater Toronto Area (GTA) will experience a significant rise in fuel costs early Wednesday morning. According to En-Pro, gasoline prices are set to increase by six cents per litre, bringing the average cost to 141.9 cents/litre at local stations.
Impact of Ongoing Conflicts
This surge in gas prices coincides with heightened tensions in the Middle East. The Strait of Hormuz, a critical shipping route for one-fifth of the world’s oil, is currently closed due to ongoing conflict. This disruption is contributing to fears of a strained global oil supply.
U.S. Gas Prices Also Climbing
In the United States, gasoline prices have also seen a sharp increase. According to the American Automobile Association (AAA), the average cost for a gallon of gasoline jumped by 11 cents overnight, now standing at approximately $3.11.
Key Oil Price Statistics
Recent events have led to considerable fluctuations in oil futures:
- On Tuesday, oil futures reached levels not seen in over a year.
- Benchmark U.S. crude rose by 8.6%, reaching $77.36 per barrel.
- Brent crude, the international benchmark, increased by 6.7% to $81.29 per barrel.
The significant rise in global oil prices reflects concerns that ongoing conflicts in the Middle East may severely disrupt crude oil distribution worldwide.
