Gas prices in Saskatoon have shot up more than seven cents overnight to 145.9 c/L, up from 137.9 c/L on Wednesday and 134.58 c/L on Sunday.  

Sunday’s prices were another 12 c/L increase week-over-week. Head of Petroleum Analysis at GasBuddy Patrick De Haan said this was due to U.S.–Iran attacks over the weekend, which “elevated geopolitical risk premiums even in the absence of immediate supply disruption.”  

On Sunday, he also forecast that gasoline prices were likely to climb as seasonal maintenance progresses and markets are forced to navigate the evolving geopolitical landscape. 

Currently, West Texas Intermediate Oil is trading at $81.41 US per barrel.  

Speaking on the Iran war from Australia Thursday morning, Prime Minister Mark Carney said one can’t categorically rule out Canada’s participation.

“There’s a distinction between the offensive actions that were taken and are being taken by the Unites States and Israel without consultation with Canada, with other allies, and we are not a party to those actions, but we will always defend Canadians. We will always stand by and defend our allies when called upon.”

The conflict has moved into Turkey and the U.S has attacked areas of Beirut which the United States said was to root out the Iranian backed Hezbollah.