11: 00 a. m. ET — Gas Prices Toronto are under upward pressure after global oil climbed in the days following a joint attack by the United States and Israel on Iran, a development that has disrupted shipping through a key regional chokepoint.
Prices at many Edmonton gas stations have jumped to about $1. 50 per litre for regular gasoline, while wholesale gasoline has risen roughly 20 cents since Tuesday and diesel is up nearly 40 cents, movements that have Canadian energy analysts warning of broader cost pressures.
Gas Prices Toronto: Global oil moves translate into local pump increases
Motorists in Toronto are part of a national trend: the jump at the pump coincides with global oil prices, which have soared in the days after a joint attack by the United States and Israel on Iran. The immediate transmission into Canadian retail prices is visible in the Edmonton example, where regular gasoline has reached about $1. 50 per litre.
Wholesale gasoline has risen roughly 20 cents since Tuesday, and diesel has climbed nearly 40 cents. Dan McTeague, president of the advocacy group Canadians for Affordable Energy, said the spike in diesel has a much wider impact because diesel fuels freight and heavy industry across the economy.
Edmonton spike and diesel surge named by Dan McTeague
McTeague said diesel’s move is especially consequential: he noted an increase of about 20–25 percent in diesel value over the past 96 to 120 hours, a jump he warned will work its way through transportation costs and consumer prices. That rapid rise in diesel contrasts with the smaller absolute movement in wholesale gasoline, but carries outsized effects for supply chains.
In Edmonton, the visible retail figure of about $1. 50 per litre for regular gasoline illustrates how quickly international events can filter down to provincial and municipal pumps. The diesel increase, nearly 40 cents at wholesale, signals pressure on sectors beyond individual motorists.
Strait of Hormuz closure and shipment disruptions push markets
Iran responded to the attack by closing the Strait of Hormuz at the mouth of the Persian Gulf, and threatened to set ships on fire if they enter the strait, a move that has disrupted oil and gas shipments and rattled markets. About 13 million barrels of oil per day normally move through the waters — roughly 25 percent of global oil shipments — and about 20 percent of the world’s liquified natural gas supply also transits that route, constraints that help explain why oil prices rose sharply in the days after the attack.
That bottleneck has translated into higher costs upstream, then into wholesale fuel prices, and now into the retail pump numbers seen in parts of Canada. The scale of traffic through the strait helps explain why markets reacted quickly and why Canadian fuel costs are moving in step with global crude values.
Still, the mechanics are straightforward: disrupted shipments reduce available supply on international markets, pushing prices higher, which then lifts wholesale gasoline and diesel and ultimately pushes up what drivers pay at retail locations across the country.
For now, Toronto drivers are feeling the same upward pressure reflected in Edmonton’s retail figure; the national wholesale movements and the diesel surge flagged by McTeague signal further upward risk for consumers and businesses that rely on trucking and freight.
More details expected 3: 00 p. m. ET.
