The 60% increase in gasoline prices in Canada following the war against Iran has driven up costs across the country.
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The managing director of the Iranian Gas Engineering and Development Company called for faster execution of South Pars refinery reconstruction projects during an on-site visit, urging contractors to strictly adhere to the schedule, strengthen cooperation among project teams and expand technical and operational coordination with South Pars Gas Complex Company.
Brent crude futures fell by 82 cents, or 0.76%, to $106.95 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined by 66 cents, or 0.65%, to $101.52 per barrel.
According to oil industry experts, Iran's national CNG network, with 2,365 active stations, is a trump card that can reduce gasoline consumption by up to 24 million liters per day without spending a single additional rial.
Brent crude futures dropped by $14.51 (13.3 percent) to $94.76 per barrel. US West Texas Intermediate (WTI) crude futures fell by $17.16 (15.2 percent) to $95.79 per barrel.
Following the ceasefire and the end of the war, natural gas prices have fallen by 20 percent since last night.
In the wake of the Ramadan War developments and ongoing Israeli-American regime attacks, the price of Iranian heavy crude oil has jumped from around $60-66 per barrel in the first two months of 2026 to $111.80, while Iranian light crude has reached $113.70 per barrel.
Brent crude futures rose by 57 cents, or 0.5 percent, to $110.34 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased by $1.26, or 1.1 percent, to $113.67 per barrel.
In a significant maritime event, a Japanese-owned liquefied natural gas (LNG) carrier successfully transited the Strait of Hormuz.
Data from Argus Media shows that Iranian light crude is now trading at a premium over Brent crude.
The National Iranian Petrochemical Industries Company issued a statement regarding the enemy’s attack on some side facilities of the petrochemical industries in the Pars Special Economic Energy Zone.
According to the Chairman of the Board of the Iranian CNG Association, the use of compressed natural gas (CNG) is currently saving the country around 6 million liters of gasoline per day.
Reuters reported that India has made its first purchase of Iranian oil in seven years — and completed the payment without any issues.
American banking giant JP Morgan has warned that if disruptions to oil transit through the Strait of Hormuz persist until mid-May, crude oil prices could surge to more than $150 per barrel.
The Public Relations Office of the Mahshahr Special Economic Petrochemical Zone announced that the fire which broke out in several petrochemical companies in the zone — following an attack — has been completely brought under control and extinguished.
Brent crude futures rose by $1.38 (1.95%) to $72.13 per barrel. US West Texas Intermediate (WTI) crude futures increased by $1.40 (2.15%) to $66.61 per barrel.
Iran’s annual consumer price inflation rate stood at 46.3 percent in the 12 months ending in February 19, 2026, the Central Bank of Iran said.
Iran’s crude oil and condensate exports rose to 2.2 million barrels per day (bpd) in February, up 50 percent from the average of the previous three months, according to data from energy cargo tracking firm Kpler.
India wants to buy any energy product it can from Canada and its officials are urging the federal government to streamline approvals for various projects so it can tap into new supplies to feed a rapidly growing country with relatively few natural resources of its own.
Brent crude futures rose by 21 cents (0.3 per cent) to $71.06 per barrel. US West Texas Intermediate (WTI) crude futures increased by 16 cents (0.2 per cent) to $65.58 per barrel.