Oil Prices Surge: U.S.-Iran Tensions Blockade Key Routes

Oil prices hit a wartime high as tensions between the U.S. and Iran escalate. Brent crude oil briefly surpasses $126 a barrel, up from around $70 before the conflict began. Benchmark U.S. crude rises 1.3 percent to $108.28 a barrel. The Strait of Hormuz, a vital shipping route for 20 percent of global oil, remains blocked by both nations. This blockade is causing gas prices to soar, which could impact consumer costs across Canada. Here's the thing: a recent study shows 40 percent of Canadians are driving less due to high gas prices. Fourteen percent are walking or biking more often. Nine in ten Canadians express concern over rising fuel costs, with half extremely worried. The bottom line? The sharp increase in oil prices and consumer behavior changes highlight how global events can directly affect everyday life.