Gas prices set to change overnight in N.S.

The interrupter clause allows the board to respond to sudden and significant changes in the petroleum market to adjust prices ahead of a scheduled change.

North American oil markets are reacting to escalating tensions in the Middle East, where the U.S. and Israel launched a joint attack on Iran late last month.

Higher gas prices could last as long as the conflict continues to disrupt oil tankers from accessing the Strait of Hormuz, which experts say is one of the world’s busiest and most important naval shipping routes.

In an interview, Dan McTeague, the petroleum analyst behind GasWizard.ca, explained how the war in the Middle East is contributing to surging oil and gas prices.

“It’s not just oil that’s interrupted in the famous Strait of Hormuz that everyone has now started to pay attention to, it’s that Iran has responded by striking the refinery facilities and the LNG, natural gas, liquefied natural gas facilities of neighbouring nations,” McTeague said.

“And, as a result, has created quite a disruption — not just in oil — but also risk the shipment and the production of other fuels. And, as a result, we’re seeing some rather dramatic increases in the price of fuel, not just here in Canada, but around the world.”