The five-day-old Iran war has “supercharged” oil prices that Canadian motorists are already seeing reflected at the pumps.

Drivers in British Columbia and Prince Edward Island are feeling the pinch the most with prices at the pumps there well above the national average of $1.38.1 per litre Wednesday morning.

CAA data shows that figure is a four cent increase from Tuesday and nearly a nine cent increase a week ago.

Oil prices soared to levels not seen in more than a year on Tuesday as Iran launched a series of attacks against the United States, Israel and neighbouring Gulf countries.

The attacks come after the U.S. and Israel began an aerial bombardment of Iran Saturday, targeting leaders within the Iranian regime and killing 86-year-old Supreme Leader Ayatollah Ali Khamenei.

U.S. President Donald Trump has said the strikes were intended to ensure Tehran does not obtain a nuclear weapon and aimed at “eliminating imminent threats” from the Iranian regime.

“The early fallout from this dangerous situation will be obvious the longer it goes on and depending on who joins the conflict. Geography is taking centre stage due to the importance of a crucial global crude oil conduit: the Strait of Hormuz, the passage of which is controlled by Iran,” Roger McKnight, chief petroleum analyst with En-Pro International, said in a statement Tuesday.

“Any restriction of tanker movement, whether in fact or rumored, will increase the price of crude, and this will quickly be reflected in consumer costs for all refined products such as gasoline and diesel.”

1:22
Carney on Iran war: U.S., Israel have acted without consulting allies

A fifth of all oil traded passes through the Strait of Hormuz, the narrow mouth of the Persian Gulf; Iran has disrupted tanker traffic through it, sending global oil and natural gas prices soaring. Iran has also struck energy facilities in oil-rich Qatar and Saudi Arabia.

McKnight said the price of crude is “being supercharged not by facts but by headlines,” which are spurred on by traders and investors worldwide.

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“The consumer is in for a very rough ride if this war extends in time and/or location. A crude oil increase from $67 to $80 per barrel would mean an increase at the pump of eight cents per litre. A jump to $100 per barrel would work out to a boost of 20 cents per litre,” he said.

“This could all be reversed should the political temperature be reduced. But right now, the pot is on full boil.”

3:00
Leaders around the world ‘blindsided’ by US-Israel strikes against Iran

As of Wednesday morning, the price of West Texas Intermediate was trading at nearly US$74.30 per barrel, while Western Canadian Select was at US$62.21 per barrel.

Data from GasBuddy, a technology company that helps people find cheap gasoline, showed B.C. motorists were paying $1.61.9 per litre for regular unleaded gas Wednesday morning.

PE.I. drivers found themselves paying $1.54.2 per litre, data from the province’s Regulatory and Appeals Commission shows.

The prices for other Canadian provinces were as follows:

• Quebec: $1.52 per litre via Gasbuddy.
• Newfoundland: $1.51.8 per litre via Gasbuddy.
• Nova Scotia: $1.47.7 per litre via the Nova Scotia Energy Board.
• New Brunswick: $1.42 per litre via the New Brunswick Energy and Utilities Board.
• Ontario: $1.36.6 per litre via Gasbuddy.
• Alberta: $1.33.5 per litre via Gasbuddy.
• Saskatchewan: $1.32.5 per litre via Gasbuddy.
• Manitoba: $1.32.4 per litre via Gasbuddy.

The Nova Scotia Energy Board used its interrupter mechanism at midnight Wednesday to increase the price of fuel because it was “necessary due to significant shifts in the market price,” it said in a news release.

Even before the Iran attack, gasoline prices were already rising as refiners had begun switching over to more expensive summer fuel blends.

Trump acknowledged the rising oil prices during remarks in the Oval Office Tuesday.

“We have a little high oil prices for a little while, but as soon as this ends, those prices are going to drop, I believe, lower than even before,” he said.

Trump added in a social media post after that, if necessary, the U.S. Navy would escort oil tankers through the Strait of Hormuz. He also ordered the U.S. International Development Finance Corp. to provide political risk insurance for tankers carrying oil and other goods through the Persian Gulf “at a very reasonable price.”

— With files from The Associated Press

&copy 2026 Global News, a division of Corus Entertainment Inc.

Residents in some south Edmonton neighbourhoods near the University of Alberta are sounding the alarm over new infill properties where individual bedroom are being rented out rooming house-style — in some cases by the day and even the hour.

People living in Belgravia and McKernan who spoke to Global News feel some of the developments are deceptive.

“As it’s being built, they’re not advertised that they’re going to be rooming houses,” explained McKernan resident Rhonda Bell.

“They say seven or eight units —a multi-family dwelling. But what they’re actually building is about 32 rooms at a time.

“Each bedroom has it’s own ensuite. So it’s misleading.”

Global News found classified posts on Facebook Marketplace and Kijiji advertising daily and even hourly rentals for individual bedrooms within a newly constructed infill in the McKernan neighbourhood.

“It’s really questionable — who’s going to be included as a tenant?” Bell wondered.

“It can become a revolving door and that’s really not safe.”

The ads say the kitchen, bathroom and laundry is shared. There is no mention of living rooms. Costs range from $35-$65 per night. The number of bedrooms in the building was not clear.

Frustrated community members sent the advertisements to their city councillor, Michael Janz.

“Ultimately, we need more accountability around landlords,” Janz said.

“We need more accountability around property owners. We need to make sure that the ad matches the delivery.”

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Rooming houses, formally called “lodging houses” are a unique development in Edmonton, as they require different safety measures.

The city defines a lodging house as a building, or part of a building, containing four or more “sleeping units” in which each is rented individually.

According to the city, the McKernan property on the online ad is listed as a four-plex and zones for Small Scale Residential (RS), but there is an application in development for a partial change to a lodging house.

There were various numbers to contact on the Kijiji ads, including some saying text-only.

A woman listed as a contact declined an interview, but told Global News she has a short-term rental license.

After Global News reached out to the phone numbers on Monday, the postings on Kijiji and Marketplace were all taken down within an hour.

Councillor Janz said that is suspect.

“I think neighbours deserve a sense of transparency and predictability and fairness about who their neighbours are, who’s in the community, what the nature of your building is.”

1:51
Edmonton man buys neighbour’s house to prevent infill development

He also worries about what impact developments like this have on the subject of infill — something that’s been highly controversial in Edmonton for years.

“I think cases like this, even if they’re one or two off anecdotes, do not help.

“They undermine the social license, they undermine the public sense of surety, they make other neighbours worried.”

Janz has been fielding infill concerns from his constituents for some time now, which last year led to him bringing forward a motion at city hall.

Now, a report will be coming forward outlining exactly what a lodging house is, and where it can be built.

In the meantime, neighbours feel there are loopholes in existing rules being exploited that the city should have caught.

“They approved the plans, knowing full well that there would be 32 bedrooms and 32 bathrooms,” Bell explained, adding the city spokesperson she was directed to said they were shocked to hear properties were being rented by the room.

“That wasn’t the plan and you can see it from the drawings of the buildings. That was never the plan. Don’t pretend it was the plan. Honesty is the best policy,” she said.

The infill home next to her has been renting individual rooms monthly to students. She said that’s created issues over parking, garbage, landscaping and snow removal.

By using unregulated classified sites to rent through, like Kijiji or Facebook Marketplace, as opposed to established short-term rental companies like Airbnb, Bell said there’s no recourse for neighbours or tenants with concerns.

Regardless of the designation, Bell said the actual use of the property is what matters.

“When it walks like a duck and moves like a duck and quacks like a duck — at some point people have to call it a duck,” she said.

“Call it what it is, then that will help the city set out appropriate bylaws for operating it — not just for building it.”

2:06
Edmonton homeowner worries neighbouring 8-plex infill will block his solar panels

&copy 2026 Global News, a division of Corus Entertainment Inc.

As the ink dries on the latest uranium agreement between India and Canada, Saskatchewan Premier Scott Moe is praising the energy partnership, saying it is good for the province’s economy.

“It’s going to be good for the electricity outbuild here in India as well as good for the economy and good for Northern Saskatchewan and Canada,” Moe told reporters in New Delhi Monday.

The $2.6-billion deal means Saskatoon-based Cameco is to supply just under 22 million pounds of uranium to India for nuclear energy generation over nine years.

“Saskatchewan will certainly benefit from the agreement signed today, but all Canadians benefit as well. I think that’s important for us to remember,” Moe said.

This is the second agreement between Cameco and India’s government, following the first five-year contract, which ended in 2020. The new deal is from 2027 to 2035.

In a news release, Cameco says its uranium will be used for India’s 24 nuclear reactors support the country’s plans to build dozens more.

“That isn’t possible without a stable supply of uranium fuel,” Cameco CEO Tim Gitzel said in the news release.

“We are thankful for the continued advocacy of the Saskatchewan and Canadian governments to foster international trade opportunities that allow us to meet the needs of global customers and bring the benefits home.”

Warren Kaeding, Saskatchewan’s trade and development minister called the announcement of the agreement marked “a very great day here.”

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He continued saying the deal provides Cameco with a “very solid plan” on its exports for the next decade, adding it helps the company with its capital planning, employment and investment in the northern part of the province.

Kaeding also said Saskatchewan will see more royalty revenues from the deal, which will help the province’s bottom line. “It literally opens the door for more agreements that are going to happen as we can likely anticipate are going to happen in the next few years.”

Saskatchewan is included in several other agreements and memoranda of understanding (MOUs) announced on Monday.

Canada and India intend to announce the establishment of a joint “pulse protein centre of excellence” to advance cooperation in value-added agriculture and food innovation. The federal government says that, through a declaration of intent, the two countries will establish a joint task force to develop and operate the centre.

In a statement, Pulse Canada says this centre will help build capacity in the industry through research and innovation.

“For Pulse Canada and its members, this approach underscores the value of partnership-led engagement, bringing together industry, academia, and government to focus on the role pulses can play in the future of food,” Pulse Canada president Greg Cherewyk said in a news release.

Several MOUs were also signed between Indian and Saskatchewan schools. The University of Saskatchewan is signing two agreements for agricultural research with NIFTEM-Kundli and the International Crops Research Institute for the Semi-Arid Tropics.

Saskatchewan Polytechnic is signing three agreements. One is for emerging technologies with Atira University, while the other two are for pathway programs with Axia International and Cambridge International School.

“This mission presents an important opportunity to strengthen Saskatchewan Polytechnic’s global connections and deepen our partnerships with institutions in India,”a spokesperson for for the school said.

Despite the uranium deal and other commitments, no progress was made on removing India’s tariffs on Canadian yellow peas and lentils.

India currently has a 10 per cent tariff on Canadian lentils. The country also placed a 30 per cent tariff on Canadian yellow peas in November to protect its local producers.

Before his trip, Moe said he hoped the tariffs would be removed and that lentil tariffs may actually increase.

1:25
Premier Scott Moe lands in India, says lentil tariffs ‘might actually increase’

Kaeding said the province is doing “everything within our ability” to have those tariffs removed. “But we have to remember that ultimately it’s the federal government that has to be able to sign that trade agreement with India to have those tariffs reduced or eliminated.”

Moe remains in New Delhi until the end of the week, where he plans to attend the Raisina Dialogue, which runs until March 7.

With files from The Canadian Press.

&copy 2026 Global News, a division of Corus Entertainment Inc.

A proposal led by Calgary-based South Bow to revive ​parts of the canceled Keystone XL oil pipeline could increase Canada’s crude exports to the U.S. by more than 12 per cent, if it gets a green light from U.S. President Donald Trump and additional links to U.S. refining hubs are built.

The new proposal involves a different route through the U.S. than the previous Keystone XL pipeline project canceled by former U.S. President Joe Biden in 2021 after years of Indigenous and environmental opposition.

South Bow, which was set up by former Keystone XL proponent TC Energy in 2024 to take over its oil pipeline business, is considering reviving some of the line that was ‌already built in Alberta and already has all necessary Canadian permits.

Prime Minister Mark Carney brought up the pipeline’s revival in a conversation with Trump in October and it could provide him leverage ⁠in upcoming negotiations around renewing the U.S.-Mexico-Canada (USMCA) trade agreement.

Trump – whose tariff wars and annexation ‌threats have strained relations with Canada – has repeatedly called for lower oil prices and many U.S. refiners depend on the roughly 4.4 million barrels per day of exports that Canada sends south of the border.

South Bow’s potential U.S. partner, Bridger Pipeline, recently filed a proposal ⁠with Montana regulators that describes the construction of a 1,038 kilometre (645-mile) pipeline – capable of transporting up to 550,000 barrels per day – beginning near the U.S.-Canada border in Phillips County, Montana, and transiting ‌to Guernsey, Wyoming.

But analysts say Guernsey is not an end market for crude oil, so additional links would need to be built to transport oil to refining hubs such as Cushing, Oklahoma; Patoka, Illinois; and the U.S. Gulf Coast.

The ⁠most credible configuration would be a new pipeline spanning roughly 684 km (425 miles) from ‌Guernsey to Steele City, Nebraska, where it could connect to the existing Keystone mainline system, said Matthew Lewis, founder of Plainview Energy Analytics.

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From there, the oil could move into underutilized pipelines running toward Cushing, Patoka and Wood River, Illinois.

It remains unclear, however, who would be willing to take on the risk associated with that leg of a project.

“The biggest challenge in this plan in a Guernsey-to-Steele City segment is gaining permits, and building new pipeline that would likely face environmental litigation tying up such a project up in court,” Lewis said.

South Bow said its proposal could connect to downstream pipelines in the U.S. but declined ‌to comment further.

Bridger Pipeline declined to comment.

1:56
Trump wants Keystone XL pipeline built ‘now’ — but is there industry appetite?

LEVERAGING EXISTING INFRASTRUCTURE

Bridger is proposing to build the Montana-to-Guernsey leg in locations alongside existing pipeline infrastructure, its application states, which would likely make getting required permits easier.

On the Alberta side, approximately 150 ⁠km (93 miles) of Keystone XL pipe is already built and has been sitting idle since that project was canceled.

A White House spokesperson declined to comment on the South Bow-Bridger proposal, but analysts said a presidential permit would be required for the segment that crosses the U.S.-Canada border.

Even if the Trump administration supports the plan, there is no guarantee that the next U.S. administration would, said Richard Masson, former CEO of the Alberta Petroleum Marketing Commission.

While the proposal may be different ​than Keystone XL, it remains a large-scale pipeline expansion and will likely attract the ire of environmentalists, landowners and Indigenous communities, he said.

Many pipeline projects ​in the U.S. have been canceled or bogged down in litigation.

Trump and his team have tried to cut regulation and speed permits, but a multi-year project across more than one administration ‌would carry political risk. “It brings up all the same issues.

For those who wanted Keystone XL canceled, this is all the same stuff,” Masson said.

COMPETING EXPORT PIPELINE EXPANSIONS

The proposed project comes at the same time that the company behind the Trans Mountain pipeline from Alberta to Canada’s west coast is planning a series ⁠of enhancements that could increase its capacity by 360,000 bpd.

South Bow’s competitor, ‌Enbridge, has already approved expansion projects for its Flanagan and Mainline pipeline systems, which will add a combined 250,000 bpd of capacity for Canadian heavy oil shippers moving ‌crude to the U.S. Midwest and Gulf Coast.

Those projects are less complicated ​than South Bow’s proposal and will be more economic, said TD Securities analyst Aaron MacNeil.

He said South Bow ⁠will face questions from ⁠investors about its ability to finance a new pipeline project while maintaining its dividend and avoiding taking on too much debt.

2:34
What happens to Alberta’s $1.3B investment into Keystone XL?

Prime Minister Mark Carney met with Indian Prime Minister Narendra Modi Monday in New Delhi, where the two leaders announced a series of agreements, including a strategic energy partnership.

The deals come as new allegations emerge about the Indian government’s involvement in the murder of a Canadian Sikh activist.

“There has been more engagement between the Canadian and Indian governments in the last year than there has been in than two decades combined,” Carney said in joint remarks with Modi.

“So this is not merely the renewal of a relationship. It is the expansion of a valued partnership with new ambition.”

The agreements announced by Carney and Modi Monday include a $2.6 billion agreement in which Saskatoon-based Cameco would supply just under 22 million pounds of uranium to India for nuclear energy generation, and two memorandums of understanding that cover topics including critical minerals and energy sources.

A government release says the visit also led to 10 commercial agreements worth more than $5.5 billion.

The Carney-Modi meetings — a bilateral with respective delegations followed by a 35-minute private one-on-one — ran long, leading to the cancellation of lunch meeting with additional staff and the delay of a joint announcement.

Then a news conference with Carney, the first time the prime minister was set to answer questions from the media since the trip began Thursday, was cancelled just before it was scheduled to begin.

Foreign Affairs Minister Anita Anand and International Trade Minister Maninder Sidhu held a media scrum in Carney’s place.

3:51
Carney praises start of ‘new, more ambitious partnership’ between Canada and India

Carney’s government has been under pressure to clarify whether it believes India is still engaged in foreign interference. The Globe and Mail published a report late Sunday about the alleged role Indian consular staff played in the murder of a Canadian Sikh activist three years ago.

Hardeep Singh Nijjar, an advocate for an independent Sikh homeland and president of the Guru Nanak Sikh Gurdwara, was killed in Surrey, B.C., in June 2023.

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The Globe and Mail cited two anonymous sources who said consular staff in Vancouver provided information to help with the killing.

Anand said it would be “irresponsible” to speak directly about an active RCMP investigation while it is ongoing.

The foreign minister said that she raised broader issues of Indian foreign interference and transnational repression while meeting with officials from the Modi government.

“There is agreement between Canada and India to continue to ensure the safety and security of the Canadian population and we need to be at the table, we need to engage, we needs to have these diplomatic conversations in order to make progress of this sort,” Anand said.

“It’s extremely important to remember that diplomacy is not about retreating and hiving yourself off from having difficult conversations. It’s very much about ensuring that the written word is marking the path forward on national security.”

A news release suggested Carney had raised the issue of foreign interference, noting the prime minister had “underscored that Canada will continue to take measures to combat transnational repression.”

Anand repeatedly referred to that news release in response to multiple questions on the Nijjar investigation.

She also pointed to actions taken by the Canadian government including listing the Bishnoi Gang as a terrorist entity, working to pass bail reform legislation aimed at tackling a rise in extortion and the expulsion of Indian diplomats in 2024.

1:05
Anand won’t say if feds believe India still engaged in foreign interference in Canada

During a background briefing with reporters before the trip to India, a senior government official said Canada is confident Indian foreign interference is not happening anymore.

The official said that Canada believed India was still interfering in its democracy, Carney would not be making this trip.

Anand said Canada remains focused on protecting Canadian citizens and national security.

“The words of the senior official are not words that I personally would use. I agree with his comments relating to the guardrails that we have in place,” she said.

Earlier in the trip, Carney first announced the two countries were working toward signing a comprehensive trade deal by the end of the year. Foreign Affairs Minister Anita Anand also announced a new Canada-India strategy on talent and innovation, which includes 13 new partnerships between Canadian and Indian universities.

Carney landed in India on Friday, the first visit by a Canadian prime minister since diplomatic relations disintegrated two years ago, after then prime minister Justin Trudeau accused agents of the Indian government of being involved in Nijjar’s killing.

After the allegations around Nijjar’s death, the RCMP said there was evidence of a wider campaign of intimidation and violence.

Carney has set out to reset Canada’s relationship with India, inviting Modi to the G7 summit Canada hosted last year.

In his remarks, Modi said Carney was responsible for the improved relationship.

“I give the entire credit for this increasing momentum in every area of co-operation to my friend, prime minister Carney,” Modi said in remarks translated by the Indian government.

&copy 2026 The Canadian Press

Albertans should be taking the time to think about whether the province’s tax structure is the right one nowadays, the finance minister says.

Nate Horner said Thursday that he wants taxpayers to think about that after he tabled Alberta’s 2026 budget, which features a staggering $9.4-billion deficit for the year.

“This is a novel time, but there will be lots of questions, no doubt, and there should be at kitchen tables everywhere: is this the right tax structure for the province?” he asked.

“Affordability is still such a major concern. One thing I am interested in is if our tax structure is the most efficient for Alberta. It’s challenging when your main buckets are really only PIT [personal income tax] and CIT [corporate income tax].”

The budget is a result of the drop in the price of oil — a $3.1-billion drop in non-renewable resource revenue — along with global uncertainty and an increase in demand for services, the province said on Thursday.

The province projects West Texas Intermediate to average US$60.50 a barrel in the upcoming fiscal year, but it’s not nearly enough to balance the books. Alberta will continue to be in the red for the next two fiscal years, with the deficit projected to drop to $7.6 billion next year and $6.9 billion in 2028-29.

2:03
Fees and taxes: How the 2026 Alberta budget may hit your wallet

While there will be no changes to PIT and CIT in the budget, there are several other ways Albertans will be paying more through fees and changes to the education property tax.

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Consumers will also pay more on several items, from dangerous driving tickets to registry fees and car rentals.

If oil prices stay low indefinitely, Alberta’s structural deficit will become “extremely obvious,” Horner said, but added he doesn’t have a mandate to tinker with the province’s tax system right now.

Though it has been flirted with in the past, Alberta doesn’t have a provincial sales tax.

“We have made some small changes in this budget around the tourism levy, increasing from four to six per cent. There’s a rental car tax addition. There is some challenges there, but I think it’s something we need to hear from Albertans,” Horner said.

“There’s no immediate plan to increase tax rates or taxes outside of the ones that we spoke about … but I do think it’ll spark larger conversations across the province, as it should.”

1:54
Alberta budget 2026 comes with some spending hikes but also a $9.4B deficit

Earlier this week, Horner said a five per cent sales tax in an economy like Alberta’s could drive about $6 billion in revenue.

However, the budget estimates that Alberta’s current tax structure saves businesses and individuals about $17 billion – if not more – when compared with tax rates in other provinces.

Moshe Lander, a senior lecturer of economics at Concordia University, told Global News Friday that as frustrating as it would be to have a sales tax, it would provide stability for the government.

It needs to be carefully considered, and it could be rebated back to lower-income Albertans, he added.

“There are ways that you could adjust the income tax structure so that overall it doesn’t necessarily, at the average, increase the amount we have to pay. The good thing about the sales tax, if I could sell a sales tax, is that it’s pretty stable. It’s not going to be subject to oil and gas prices,” Lander said.

“People are loath to change their spending plans, regardless of the climate in which they find themselves. That means the amount of revenue the government can book is going to be stable, too. That allows them to make clear decisions about what their spending plans are going to be going forward.”

Duane Bratt, a political science professor at Mount Royal University, told Global News Friday if the government – or any future government – introduces a sales tax, “it would be destroyed.”

“No future government would get rid of it. They all acknowledge that it’s important,” he said.

“They just don’t want to be the ones to be blamed for doing it.”

5:15
Economist Moshe Lander reacts to Alberta’s financial picture

The budget – which is the United Conservatives’ second in a row to feature a deficit – is getting its fair share of criticism, and even some praise.

The Opposition NDP said the government has mismanaged the economy, wasting profits from the past oil boom while saddling future generations with debt.

The mayors of Alberta’s two biggest cities have differing views, with Calgary’s Jeromy Farkas taking issue with education property taxes going up and Edmonton’s Andrew Knack pointing to the need to properly pay for schools.

The president of Alberta’s doctors’ association said the nearly six per cent increase in health-care spending is welcome news; the Alberta Teachers’ Association said it hopes the province follows through on budgeted promises of more money.

The deficit breaks a threshold for going into the red legislated by Premier Danielle Smith’s government.

Horner said the consequences of that are “political.”

“We created these rules, and I’m breaking them,” he said.

“So it bothers nobody more than it does me.”

— with files from The Canadian Press

&copy 2026 Global News, a division of Corus Entertainment Inc.