Crude spike driven by Mideast tumult may be a ‘knee jerk' that quickly fades: analyst
A man walks at the scene of an explosion in a residence compound in northern Tehran, Iran, Friday, June 13, 2025. (AP Photo/Vahid Salemi)
CALGARY — An analyst says a spike in crude prices driven by the latest Mideast turmoil could be a knee-jerk reaction that quickly subsides.
Enverus commodities expert Al Salazar says unless there is a sustained disruption in global crude oil supplies as a result of Israel's attacks on Iran, prices should return to normal in fairly short order.
In the early afternoon, West Texas Intermediate crude was at US$71.89 a barrel, an almost six per cent increase from a day earlier.
Fuel prices at the pump may see a bit of a pop in the coming days, but Salazar doesn't expect it to last unless there are longer term supply constraints.
Fuel price-tracking website Gasbuddy.com says the national average price for a litre of unleaded gasoline in Canada is 135.8 cents a litre, up less than a cent day-over-day.
The energy subindex on the S&P/TSX composite index was up 1.4 per cent on a day that the overall Canadian market was sagging.
This report by The Canadian Press was first published June 13, 2025.
Lauren Krugel, The Canadian Press
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