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flag Fuel prices surged in Canada on March 4, 2026, after a U.S.-Israeli strike on Iran disrupted oil shipments, raising gasoline to $1.54/L in PEI and $1.439/L in Toronto.

flag Fuel prices rose across Canada on March 4, 2026, due to escalating Middle East tensions following a U.S.-Israeli strike on Iran, which disrupted oil shipments through the Strait of Hormuz. flag Prince Edward Island saw gasoline jump to $1.54 per litre, while Toronto prices reached $1.439 per litre. flag Nova Scotia and Ontario also reported sharp increases, with diesel rising significantly. flag Global crude prices surged, driven by supply concerns and low inventories, prompting forecasts of further hikes. flag Experts warn higher fuel costs could ripple into grocery and travel prices, with potential naval escorts and insurance for tankers expected to help stabilize markets.

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