Gas prices remain elevated in Canada even as they show hints of easing
BNN Bloomberg
Crude oil prices have dipped slightly amid hope for an easing of conflict in the Middle East, but remain far above prices before the United States launched its attack against Iran.
The Canadian Automobile Association says Canadian gasoline prices averaged $1.70 per litre as of Wednesday, down from a peak for the past month of about $1.74 per litre reached on Tuesday.
That’s still much higher than a month ago, when prices were hovering around $1.30 per litre.
Crude oil traded for roughly US$90 per barrel on Wednesday, after topping US$100 per barrel on Monday, before U.S. President Donald Trump said he was walking back a threat to bomb Iranian power plants.
Oil prices, however, remain volatile as the direction of the conflict keeps changing. On Wednesday, Iran dismissed a U.S. plan to pause the war and issued a counterproposal as it launched more attacks on Israel and Gulf Arab countries.
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.
Mining analyst sees copper, gold and lithium stocks benefiting from supply constraints, electrification and long-term demand trends.
An oil refinery fire near the Texas coast was put out Tuesday and a shelter-in-place order was lifted following air-quality testing, hours after a large explosion at the complex shot plumes of smoke into the air, officials said.
A U.N. Security Council resolution calling for countries to use “all necessary means” to keep the Strait of Hormuz open is facing some opposition for raising the possibility of U.N.-backed military action against Iran, according to three council diplomats.
The Trump administration is working with Canada on permits required for a proposed revival of part of the Keystone XL oil pipeline, a White House official said on Tuesday.
Google is arguing it shouldn’t have to pay about $370,000 in legal fees and other costs the Competition Commissioner is seeking after the tech giant lost a constitutional challenge.
Canadian officials spoke to Trump administration representatives about a proposed revival of part of the canceled Keystone XL oil pipeline in a meeting in Houston this week, Canada’s Natural Resources Minister Tim Hodgson said Tuesday.
Oil above US$100 is adding pressure on equities as geopolitical risks and uncertainty over inflation and growth cloud the outlook.
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The chief executive of National Bank of Canada says he’s not changing the bank’s strategy because of the war in the Middle East, but he is urging a faster response from Canada to rising threats abroad.
With airstrikes still battering Iran and missiles still targeting sites across the Middle East, some of the optimism that sent stocks rallying the day before drained out of Wall Street on Tuesday. Oil prices got back to rising, and U.S. stocks are returning some of their gains.
A large explosion at an oil refinery near the Texas coast shot plumes of smoke into the air and forced nearby residents to shelter in place, officials said.
Oil prices rise and stocks fall as war with Iran still advances despite Trump’s talk of negotiations
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.
U.S. markets ticked slightly lower and oil prices rose early Tuesday as the war in the Middle East continued a day after U.S. President Donald Trump said the United States had made progress in talks with the Islamic Republic to end the conflict.