Gas prices are expected to drop soon, but geopolitical risks remain

CONSUMER Gas prices are expected to drop soon, but geopolitical risks remain By Ariel Rabinovitch Global News Posted September 11, 2026 3:17 pm 2 min read The price of oil has again spiked over $100 USD a barrel after more intense attacks in the U.S. and Israel's war on Iran. As Heather Yourex-West reports, consumers in Canada and around the world are feeling the pain at the gas pumps. LEAVE A COMMENT SHARE THIS ITEM ON FACEBOOK SHARE THIS ITEM ON X SEND THIS PAGE TO SOMEONE VIA EMAIL SEE MORE SHARING OPTIONS DESCREASE ARTICLE FONT SIZE INCREASE ARTICLE FONT SIZE Consumers in Canada could see some relief at gas pumps starting next week as gas refineries go through regular seasonal changes, but how much gas prices will drop is unclear as geopolitical risks keep analysts guessing about the long-term outlook. A drop in available oil supplies worldwide typically leads to higher gas prices, unless demand falls significantly, while the opposite effect usually will see lower gas prices. Gas prices in Canada, and worldwide, have skyrocketed ever since the United States and Israel launched joint attacks on Iran at the end of February. The conflict has been ongoing ever since, with a temporary ceasefire in June unravelling after just a few weeks, and all the while keeping the vital Strait of Hormuz shipping channel virtually closed to most oil and gas shipments. The Strait of Hormuz normally sees about a fifth of the world’s oil supply pass through on a daily basis. STORY CONTINUES BELOW ADVERTISEMENT But a switch to winter gasoline blends in Canada could see prices drop starting Sept. 16, as the new fuel starts arriving at retail pumps. In addition, gas prices typically fall during colder weather months because demand for gasoline decreases as Canadians do less driving compared to warmer months. Related Videos 2:01 Pain in the gas: Oil surges above $100/barrel again as Iran war reignites Pain in the gas: Oil surges above $100/barrel again as Iran war reignites U.S. diesel prices soar to all-time high as war in Iran rages on Trump admin concerned about rising gas prices ahead of Labour Day weekend Iran war reignites with fresh attacks after lull Carney extends gas tax holiday to 2027 Next Video “Demand for gasoline declines across North America as Canadians and Americans drive less as temperatures progressively cool off. So that drop in demand usually gives us some drop in price,” says petroleum analyst Patrick De Haan at GasBuddy. Get daily Montreal…