Here's how much gas prices in Ottawa are set to go up Saturday
Gas prices in Ottawa are set to rise this weekend after a slight uptick overnight.
Analyst Dan McTeague, President of Canadians for Affordable Energy, says the price at the pumps will increase across Ontario on Saturday, with the price in Ottawa going up 4 cents per litre to an average of 151.9 cents per litre. This follows a 1 cent increase on Friday.
- Sign up now for daily CTV News Ottawa newsletters
- The information you need to know, sent directly to you: Download the CTV News App
McTeague says the jump in prices is related to concerns over violence in the Middle East.
"If there's a shortage or a potential for a shortage or some kind of conflict that would disrupt the normal supply of how oil or its byproducts like gasoline and diesel get distributed and made, then it has an effect on all of us," he told CTV News Ottawa in an interview.
On Tuesday, Iran launched a barrage of missiles at targets in Israel following nearly a year of war between Israel and Hamas in Gaza and recent Israeli airstrikes against Hezbollah in Lebanon. The latest attack from Iran is creating fears of a wider war across the Middle East, as Israel has vowed to retaliate.
McTeague says markets are reacting to the escalating conflict.
"After Iran launched 180 ballistic missiles, I suspect that has a lot more to do with why markets are now factoring in a risk premium, a geopolitical risk premium, which can be very serious," he said. "This is an area that holds over a third of the world's oil resources. Any kind of conflict in that part of the world would also mean other nations could be affected."
CTVNews.ca Top Stories
'It’s a dream come true': Holt, Liberal cabinet sworn-in to office
Susan Holt, the province's first female premier, and 18 cabinet ministers took the oath of office in the chamber of the legislative assembly.
Alberta Premier Smith gets 91 per cent support in leadership review
Alberta Premier Danielle Smith received a dominating 91.5 per cent vote of support from her United Conservative Party members in a scheduled leadership review vote on Saturday.
Live from New York: Harris making surprise 'Saturday Night Live' appearance with election looming
U.S. Vice-President Kamala Harris has made an unannounced trip to New York to appear on an episode of 'Saturday Night Live,' briefly stepping away from the battleground states she’s been campaigning in with just three days to go before the election.
Multiple RTDNA wins for CTV News, including 2 for W5
CTV News won four national news awards and a local news award from RTDNA Canada, the organization announced Saturday night at a gala event in Toronto.
2 people charged in Toronto incident that left police horse and officer injured were out on bail, police say
The driver of a pickup truck who allegedly struck a police horse and rammed several cruisers on Queen Street West on Friday afternoon was out on bail at the time of the incident, Toronto police say.
Here's what you can buy for $729,000 in 8 Ottawa neighbourhoods
CTVNewsOttawa.ca looks at what you can buy for the average Ottawa home price of $729,000 in eight Ottawa neighbourhoods.
Calgary police issue warning after receiving over 150 calls relating to personal fireworks
Calgary police issued a media statement Saturday reminding residents about the rules regarding personal fireworks after receiving over 150 complaints.
Florida's convicted killer clown released from prison for the murder of her husband's then-wife
A woman who pleaded guilty to dressing as a clown and in 1990 murdering the wife of a man she later married was released from prison on Saturday.
Vancouver quietly proclaimed Chip Wilson Day as billionaire installed sign calling B.C. NDP 'communist'
On the same day Chip Wilson erected a controversial sign at his Vancouver mansion, the city was quietly honouring the billionaire and his wife.