Gasoline prices in Vancouver have climbed above $2 per litre as the ongoing conflict involving the United States, Israel and Iran continues to disrupt global oil markets.
Fuel prices across Metro Vancouver reached about 202.9 cents per litre on Sunday, though the exact price varied slightly depending on the location. The increase marks one of the highest fuel price levels in the region in recent years.
Analysts say the spike is largely linked to disruptions in global oil shipments caused by tensions in the Middle East. The conflict has effectively closed the Strait of Hormuz, a key maritime corridor through which nearly one-fifth of the world’s oil supply typically passes.
The closure of the route has pushed global oil prices higher, creating ripple effects in fuel markets across North America and other parts of the world.
In Metro Vancouver, gas prices have risen sharply over the past several days, increasing by nearly 20 cents per litre since Thursday.
According to data from gas price tracking services, the last time gasoline prices in Vancouver exceeded the $2 per litre mark was in May 2024.
Despite the recent surge, online forecasting service gaswizard.ca predicts prices are expected to remain unchanged in the short term, with no immediate adjustment anticipated for Monday. However, analysts warn that continued instability in global oil supply could keep fuel prices elevated in the coming weeks.