A gas station in Toronto in April, 2024.Chris Young/The Canadian Press
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Since the U.S. and Israel started a war with Iran, the price of oil has spiked. That’s largely because oil tankers are no longer travelling through the Strait of Hormuz, meaning roughly one fifth of the world’s oil and gas supply remains stranded in the Gulf region. This is having an effect in Canada, even though Canada is the world’s fourth-largest oil producer and exporter.
Jeffrey Jones is a journalist in The Globe’s Report on Business, who has been covering the global oil market for decades. He joins the show today to explain why Canada is seeing domestic energy prices rise as a result of the war.
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