Gas Prices in GTA May Drop by 11-12 Cents

0:00It's April 8th. You're listening to Canada News today, AI-powered local news. I'm Corey with the story. Gas prices around the greater Toronto area might dip 11-12 cents by Friday, thanks to a shaky two-week ceasefire between the US and Iran. Right now, you're looking at 188.9 cents per liter, with a two-cent drop expected tomorrow to 186.9. That ceasefire hinged on Iran reopening the Strait of Hormuz, where a fifth of the world's oil flows in normal times. Iran did crack it open at first, but slammed its shut again on Wednesday after Israeli strikes hit Hezbollah in Lebanon. The closure is spiking global oil prices, just like Tehran's hits on nearby energy setups. Since US and Israeli missile strikes on Iran, back on February 28th, GTA gas has shot up over 50 cents. Chief petroleum analyst Roger Mignite points out the ceasefire already 10 crude by 18 bucks a barrel, pushing pump prices down.

1:01But he warns the relief could be short-lived if tensions flare up again. For now, keep an eye on that Strait and the ceasefire staying power could mean cheaper fill-ups or a quick rebound at the pumps.