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Gas Prices Are Finally Falling in Canada — Here's How Much You're Saving and What Comes Next

After weeks of painful price spikes driven by the U.S.-Iran conflict, Canadians are finally catching a break at the pump. The national average gas price dropped to 169.1 cents per litre on Monday, April 20 — down from a peak near 198 cents — as two things happened at once: Iran reopened the Strait of Hormuz to commercial traffic, and Prime Minister Mark Carney's federal fuel excise tax suspension came into effect. National Average 169.1¢/L ▼ Down from ~198¢/L peak Gas savings (excise tax) 10¢/L off gasoline until Sept. 7 Diesel savings 4¢/L off diesel until Sept. 7 WTI Crude (current) ~$87 ▼ Down from $120 peak What just happened — and why Since the U.S.-Iran conflict began in late February, Brent crude surged more than 55%, briefly topping $120 a barrel — the largest oil supply shock in the history of global markets, according to the Interna...
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Iran Fires on Three Ships in Strait of Hormuz, Sending Markets Into Fresh Turmoil

Commercial vessels transit the Strait of Hormuz as regional tensions escalate following reports that Iran fired on three ships, raising fresh concerns for global oil supply and market stability.

Iran’s latest escalation in the Strait of Hormuz—firing on three commercial vessels and seizing at least two—has intensified geopolitical risk at one of the world’s most critical energy chokepoints. The attacks, carried out by Iran’s Revolutionary Guard, come just hours after President Donald Trump extended the U.S.–Iran ceasefire indefinitely, though Washington has vowed to maintain its blockade of Iranian ports. 

The renewed hostilities underscore the fragility of diplomatic efforts. Iran has not formally acknowledged the ceasefire extension and appears to be leveraging control of the strait—through which roughly 20% of global oil and natural gas flows—to strengthen its negotiating position. The continued closure or disruption of the waterway has already pushed gas and food prices sharply higher worldwide, with more than 30 maritime attacks recorded since the conflict began in late February. 

Market Impact

Oil markets reacted immediately. Brent crude once again approached the US$100 per barrel threshold, while U.S. futures climbed above US$90, reflecting traders’ fears of prolonged supply constraints. Equity markets were mixed: European stocks dipped, Asian markets wavered, and U.S. futures saw modest gains as investors weighed the risk of further escalation against hopes that diplomacy may still resume. 

For Canadian investors, the implications are significant. Elevated oil prices may support the domestic energy sector in the short term, but persistent geopolitical instability raises broader concerns about inflation, shipping costs, and global growth. A prolonged disruption in the Strait of Hormuz could tighten supply chains, increase consumer prices, and pressure central banks to maintain restrictive monetary policy longer than expected.

Money & Major Events

Higher fuel and transport costs could filter into everything from groceries to travel, while volatility in global markets may influence retirement portfolios, mortgage-rate expectations, and currency movements. With Iran signaling it will not return to talks until the U.S. lifts its blockade, the path to de-escalation remains uncertain—leaving markets braced for further shocks.


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