Vancouver Gas Prices Hit $2 Per Litre Amid Hormuz Closure

Gas prices in Metro Vancouver spiked to nearly $2 per litre on July 15, 2026, driven by a surge in global oil prices. The price hike follows the collapse of a peace deal between the United States and Iran and renewed conflict that closed the Strait of Hormuz, a critical waterway for oil movement. Additional pressure on the market stems from Ukrainian drone strikes on Russian refineries and dwindling strategic petroleum reserves in the United States.

Petroleum analysts Dan McTeague and Patrick De Haan warned that prices could climb further, potentially reaching $2.15 per litre by late July. De Haan described the current market as being in an escalation phase, while McTeague noted a growing realization among traders that a genuine oil shortage exists.

In response to the volatility, Donald Trump reversed a proposal to impose a 20 per cent fee on cargo shipped through the Strait of Hormuz. The U.S. President stated he would instead pursue trade and investment deals with Gulf states.