Crude oil prices have dipped slightly amid hope for an easing of conflict in the Middle East, but remain far above prices before the United States launched its attack against Iran.
The Canadian Automobile Association says Canadian gasoline prices averaged $1.70 per litre as of Wednesday, down from a peak for the past month of about $1.74 per litre reached on Tuesday.
That’s still much higher than a month ago, when prices were hovering around $1.30 per litre.
Crude oil traded for roughly US$90 per barrel on Wednesday, after topping US$100 per barrel on Monday, before U.S. President Donald Trump said he was walking back a threat to bomb Iranian power plants.
Oil prices, however, remain volatile as the direction of the conflict keeps changing. On Wednesday, Iran dismissed a U.S. plan to pause the war and issued a counterproposal as it launched more attacks on Israel and Gulf Arab countries.
Gas prices in Canada are still below the average of about $2.10 per litre reached in June 2022, around the start of Russia’s invasion of Ukraine.