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Gas Prices Surge as Strait of Hormuz Remains Closed | Toronto News
Description
Gas prices in the GTA are surging six cents a litre to $1.689, while diesel climbs 12 cents to $2.209—marking the wildest energy price ride since 2008. With no sign of relief as Iran’s Strait of Hormuz demands stall talks and global supply tightens amid Houthi attacks and Ukraine war fallout, experts warn prices could rise another 2-3 cents daily. A looming two-million-barrel global oil shortage and depleted U.S. reserves mean higher costs for everything from food to transport—lasting well into 2027.
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