Gas Prices Soaring Amid Middle East Tensions

0:00It's March 31st. Welcome to Canada News Today, powered by AI. I'm Corey, with the story. Gas prices are spiking across North America amid fresh Middle East tensions. On Tuesday morning, the average in the U.S. hit $4.18 per gallon, according to AAA. Up in Canada, folks are paying $1.72 per liter, a jump of nearly 40 cents from last month per CAA data. Meanwhile, Yemen's Iran-backed Houthis ramped up the heat by launching their first attacks on Israel since the war kicked off, firing missiles, and drones that the Israeli military intercepted. This comes as more U.S. forces head to the region, raising fears of a wider conflict. The real worry is those Houthis targeting Red Sea shipping through the Babel Mandev Strait, a choke point for 12 percent of global seaborn oil, and 8 percent of liquefied natural gas trade. Blocking it could force tankers around Africa's Cape of Good Hope, adding weeks to trips like turning a 19-day haul from the Persian Gulf, too. Europe into 35 days. Experts are

1:06sounding alarms on the fallout. Shedding that straight might push oil prices of $5 to $10 per barrel right away, with U.S. crude already up 53 percent for its. Biggest monthly gain since 2020. One report warns three more months of Iran, war could send Brent crude past $200 a barrel, meaning $7 per gallon at the pump. Saudi Arabia is already shifting gears, ramping up Red Sea exports to a record 3.8 million barrels per day as the Strait of Hormuz stays. Dicey, keep an eye on those pumps and headlines. This could get even pricier fast.