U.S. crude oil prices surge to over ninety dollars a barrel, the highest in two years, due to the ongoing conflict involving the U.S., Israel, and Iran. This has led to a significant increase in gas prices, with the U.S. seeing a thirty-four cent rise to three dollars thirty-two cents per gallon and Canada experiencing a jump to one hundred thirty-five cents per liter. U.S. Energy Secretary Chris Wright predicts this price spike to last weeks, not months, as efforts are made to curb Irans disruptive activities. While this could potentially boost Canadian oil and gas demand, limited export pipelines may hinder the countrys ability to alleviate global shortages.
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