today’s gas prices are the result of a rare global supply disruption, geopolitical instability, and refinery‑level impacts that ripple directly to the pump. Prices have cooled from their peak but remain elevated — and will likely stay volatile until oil flows through the Strait of Hormuz fully normalize.

Gas prices today are being driven by one thing above all else: a global oil supply shock centered around the Strait of Hormuz. In early 2026, this critical waterway — which carries roughly 20% of the world’s seaborne oil — was temporarily blocked, sending crude prices soaring above $120 USD/barrel and pushing pump prices sharply higher across Canada.

As a result, Canada’s national average climbed to nearly 198¢/L in mid‑April before easing to around 164¢/L by mid‑June as crude prices retreated toward $75 USD/barrel. A temporary federal excise‑tax suspension (10¢/L off gasoline) helped soften the blow, but prices remain significantly higher than last year — roughly 48% above April 2025 levels.

The situation is similar across other major markets: the U.S., U.K., Australia, and Canada have all seen substantial increases tied directly to the Hormuz disruption, with diesel hit even harder due to its higher yield from Middle Eastern crude.