Gas prices set to jump this weekend in Ontario

Gas prices are set to jump overnight amid concerns over conflict in the Middle East.

Roger McKnight, the chief petroleum analyst at En-Pro, said the price at the pumps will rise by four cents to $1.529 per litre in the Greater Toronto Area, as well as in Kitchener-Waterloo and Ottawa.

“Prices are increasing based on speculation i.e., guesswork, that the Middle East conflict will spread to involve other parties that may affect crude oil supply,” McKnight said.

“Forty per cent of global crude flows through the Strait of Hormuz. The Strait of Hormuz is bordered by several countries, including Iran, the UAE, and Oman.”

McKnight said the strait is the most important oil chokepoint in the world.

“If anything happens, like a widening war, or Iran blocks it, a domino effect will kick into high gear, which will directly affect shipments and mean higher global gasoline and diesel prices,” he said.

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Meanwhile, Iran’s foreign minister warned Israel on Friday that if it carries out an attack on Iran, Tehran will retaliate in a harsh way.

Abbas Araghchi was in Beirut for meetings with Lebanese officials. His visit came three days after Iran launched at least 180 missiles into Israel, the latest in a series of rapidly escalating attacks that threaten to push the Middle East closer to a regionwide war.

— With files from The Associated Press