GasBuddy: GTA Gas Prices Jump 5¢ as Iran Tensions Spike Oil—July 10

Gas prices across the Greater Toronto Area are set to jump 5 cents per litre to 169.9 cents on Friday, July 11, according to industry analyst Dan McTeague. The spike follows President Donald Trump’s declaration on July 8 that the U.S.-Iran ceasefire is over, after Iranian attacks on shipping in the Strait of Hormuz and U.S. military sites. Oil prices rose to their highest levels in weeks, with West Texas Intermediate crude climbing to US$73.60 per barrel and Brent crude reaching US$73 per barrel. Canadian drivers should fill up Thursday to avoid the increase.

Why oil prices are spiking

Trump said on July 8 that the 60-day ceasefire agreed in June between the U.S. and Iran was “over” after Iranian attacks on commercial shipping and American military sites. The U.S. military responded with strikes on approximately 90 Iranian military targets, including air defense systems and coastal surveillance assets along Iran’s coastline. Oil markets reacted immediately: West Texas Intermediate crude jumped to US$73.60 per barrel, up nearly 5% from the day before, while Brent crude in Europe hit US$73 per barrel, up more than 3%.

What GasBuddy and analysts are forecasting

GasBuddy petroleum analyst Patrick De Haan said gas prices will rise a few cents per litre, though he noted the situation remains fluid. Dan McTeague, president of Canadians for Affordable Energy, expects prices to climb another 5 cents through the weekend and possibly 10 to 15 cents more in coming days. The national average for regular gas in Canada stood at $1.64 per litre as of July 8, up nearly 4 cents from July 7.

When and where to fill up in the GTA

McTeague advised GTA drivers to fill up on Thursday at no more than 164.9 cents per litre before Friday’s jump to 169.9 cents. Diesel prices are also rising, expected to climb 13 cents per litre to 198.9 cents. The analyst warned that gradual increases over several days could push prices up an average of 10 to 15 cents per litre by the time of another announcement.

Why the Middle East matters to Canadian pump prices

Global crude oil prices are determined by expectations of supply and demand. The Middle East supplies a significant portion of the world’s oil, so any escalation in conflict risks jeopardizing that supply. With Iran’s oil export licence revoked by the U.S. on July 8 following the Strait of Hormuz attacks, global markets face tightening crude availability. McTeague noted that “we’re seeing markets finally have to come to the reality that there is a significant, dramatic shortage of both oil and petroleum products like gasoline and diesel around the world.”

Final Thoughts

Canadian drivers face imminent fuel price increases as geopolitical tensions drive oil higher. Filling up Thursday before the Friday jump offers the best value, though prices may continue climbing through the weekend and beyond depending on escalation in the Middle East.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.