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Gas Prices Are Finally Falling in Canada — Here's How Much You're Saving and What Comes Next

After weeks of painful price spikes driven by the U.S.-Iran conflict, Canadians are finally catching a break at the pump. The national average gas price dropped to 169.1 cents per litre on Monday, April 20 — down from a peak near 198 cents — as two things happened at once: Iran reopened the Strait of Hormuz to commercial traffic, and Prime Minister Mark Carney's federal fuel excise tax suspension came into effect. National Average 169.1¢/L ▼ Down from ~198¢/L peak Gas savings (excise tax) 10¢/L off gasoline until Sept. 7 Diesel savings 4¢/L off diesel until Sept. 7 WTI Crude (current) ~$87 ▼ Down from $120 peak What just happened — and why Since the U.S.-Iran conflict began in late February, Brent crude surged more than 55%, briefly topping $120 a barrel — the largest oil supply shock in the history of global markets, according to the Interna...
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How the Israel-Hamas war is affecting global markets



The ongoing war between Israel and Hamas has not only caused a humanitarian crisis in Gaza, but also sent shockwaves across the global markets. Investors are worried about the potential escalation of the conflict and its impact on oil prices, trade, tourism and regional stability.

According to CNN, the US has sent a second aircraft carrier strike group to the eastern Mediterranean, saying it is "to deter hostile actions against Israel or any efforts toward widening this war following Hamas's attack". The US has also warned other countries not to intervene in the conflict, such as Iran and Hezbollah.

The war has also affected the Israeli economy, which was already struggling with the Covid-19 pandemic. The Bank of Israel said that the war could reduce the country's GDP growth by 0.5 percentage points this year, depending on its duration and intensity. The tourism sector, which accounts for about 7% of Israel's GDP, has been hit hard by the cancellation of flights and bookings.

Meanwhile, the Gaza Strip, which is under a blockade by Israel and Egypt, faces a dire humanitarian situation. The World Health Organization has condemned Israel's order to evacuate 22 hospitals in northern Gaza that are treating more than 2,000 inpatients. The UN has also warned of a looming food crisis, as more than half of Gaza's population is food insecure.

The war has also rattled the global oil markets, as the Middle East is a major producer and exporter of crude oil. According to Reuters, Brent crude futures rose by more than 2% on Friday, reaching $85.62 a barrel, the highest level since October 2018. Analysts say that any disruption to oil supplies from the region could trigger a spike in prices and inflation.

The war has also affected the stock markets around the world, as investors seek safe-haven assets such as gold and bonds. According to Bloomberg, the MSCI World Index, which tracks shares in 50 countries, fell by 0.6% on Friday, while the S&P 500 Index dropped by 0.8%. The volatility index, which measures market fear, rose by 16%.

The war between Israel and Hamas shows no sign of abating, as both sides exchange fire and reject calls for a ceasefire. The international community is trying to broker a diplomatic solution, but so far without success. The war poses a serious threat to global peace and security, as well as to the economic recovery from the pandemic.

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