Toronto: Drivers across Toronto and the Greater Toronto Area (GTA) are facing a significant hit to their wallets as fuel prices skyrocket in response to escalating conflict in Iran and rising global oil markets. According to industry experts at En-Pro, local stations are expected to see a 6-cent jump this Saturday, bringing the average price to 152.9 cents per litre. This follows a rapid climb that began last week; since last Saturday alone, prices have surged by 14 cents. When this latest increase is factored in, the total weekly spike reaches 20 cents—a staggering 15% increase in just seven days.
The domestic price surge reflects a volatile international market as the conflict involving Iran enters its seventh day. Global crude prices have reacted sharply to the instability, with U.S. crude (WTI) jumping 6.8% to $86.57 per barrel and the international benchmark, Brent crude, rising 4.7% to $89.44 per barrel. These figures represent the highest oil prices recorded since April 2024, a trend that is also being mirrored across the United States where consumers are seeing similar sharp increases at the pump.
Economic analysts point to the Strait of Hormuz as the primary catalyst for the current crisis. As a vital artery for global energy, approximately one-fifth of the world’s seaborne oil passes through this narrow waterway. Recent disruptions to tanker movements in the region have sparked fears of a prolonged supply shortage. Experts warn that the trajectory of fuel prices in the coming weeks will depend entirely on the security of these oil transit routes, suggesting that GTA residents should prepare for continued price fluctuations until the geopolitical situation stabilizes.
