Gas prices across Canada are experiencing significant fluctuations, with Windsor’s average hitting 177.9 cents per litre and Calgary’s at $1.756 per litre as of March 24, 2026. This surge is primarily driven by the ongoing war in the Middle East, which has resulted in over 4,200 deaths and created instability in oil supply.
Oil prices dropped more than 10 percent on Monday but rebounded on Tuesday, reflecting the volatile nature of the market. The Strait of Hormuz, a critical passage for global oil, remains closed to most vessels due to threats from Iran, further complicating the situation. Approximately 20-25 percent of the world’s oil supply passes through this region, making its security paramount.
According to Dan McTeague, a gas price analyst, a 10 cent drop in wholesale gas prices is expected on Wednesday, but the overall trend remains upward. In Pembroke, prices are reported as low as $1.59.8 per litre, showing regional disparities in pricing.
Patrick De Haan from GasBuddy stated, “we’re in uncharted territory” regarding oil price forecasts due to the U.S. war in Iran. He emphasized the need to monitor oil prices closely, as they serve as indicators of future gas price movements.
The surge in prices is attributed to global unrest stemming from the Middle East conflict, which has created uncertainty in the energy market. McTeague noted that comments from President Trump regarding negotiations with Iranian officials have added to the unpredictability.
Details remain unconfirmed regarding the exact timeline of gas price changes and the outcome of U.S.-Iran negotiations. The potential for further escalation or de-escalation in the conflict remains unknown, leaving consumers and analysts alike on edge as they navigate this turbulent period in the energy sector.