CALGARY – The price of crude oil fell sharply after the U.S., Israel and Iran agreed to a ceasefire, but the drop is not being reflected at gas station pumps — yet.
West Texas Intermediate crude is trading nearly 18 per cent lower than it was a day earlier at about US$95 per barrel.
Price tracking website Gasbuddy.com says the average Canadian price for a litre of regular unleaded gas was actually almost two cents higher than it was a day earlier at about $1.85 per litre.
Gasbuddy.com petroleum analyst Matt McClain says it might take a few days for the price momentum to slow before fuel prices reverse course — like a ship that can’t be turned quickly as it’s moving.
He says retailers would have purchased the crude sitting in their tanks at a much higher cost and it would be counterproductive for them to sell it at a loss.
McClain says prices should start to ease by the weekend, and a week from now they might be five to six cents a litre cheaper — provided the ceasefire holds.
This report by The Canadian Press was first published April 8, 2026.