Gas prices bouncing around recent highs as conflict outlook unclear
The Canadian average stood at about $1.73 a litre Thursday morning according to GasBuddy, up about three cents from Wednesday and nearing the peak of the past month of about $1.74 per litre reached on Tuesday.
The fluctuations come after U.S. President Donald Trump threatened over the weekend to bomb Iranian power plants, then walked back the threat, and has since offered a peace plan that Iran has reportedly rejected.
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Patrick De Haan, head of petroleum analysis at GasBuddy, says prices are moving because of headlines, not market fundamentals.
He says that given the politics driving prices, it's hard to predict what could come, but that until there's a clear-cut resolution there's a real potential for prices to go up further.
Gas prices in Canada are still below the average of about $2.10 per litre reached in June 2022, around the start of Russia's invasion of Ukraine.