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Gas Prices Rise as Middle East Tensions Escalate | Calgary News
Gas prices in Canada are set to climb as global oil markets tighten amid escalating U.S.-Iran tensions. Oil prices surged nearly 5% overnight, pushing WTI above $73 a barrel, with tanker attacks near the Strait of Hormuz — including strikes on Saudi and Qatari vessels — reigniting fears of supply disruption. With the U.S. revoking Iran’s oil export license and President Trump declaring any peace deal “over,” markets are bracing for higher fuel costs, potentially adding a few cents per liter at the pump. The Middle East’s fragile oil supply chain remains a critical flashpoint with global…
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