Drivers in the GTA are about to see a big jump prices on Wednesday.
En-Pro tells CityNews that prices are expected to rise six cents at midnight, to an average price of 141.9 cents/litre at local stations.
The rise at the pumps comes as the Strait of Hormuz, a waterway controlled by Iran that one-fifth of the world’s oil is shipped through, is closed because of the ongoing conflict in the Middle East.
On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia.
Benchmark U.S. crude jumped 8.6 per cent to $77.36 a barrel.
Brent crude, the international standard, added 6.7 per cent to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
With files from The Associated Press