Johnston said that the Canadian oilpatch tends to gain from higher prices because Canada's relative stability during geopolitical-driven volatility is "considered a benefit" to buyers. West Texas Intermediate crude oil, the U.S. standard, remained elevated at $70.60 US by midday. WATCH | The role of a critical shipping lane in the U.S.-Iran conflict: What's happening around the Strait of Hormuz as conflict escalates? How much have gas prices gone up? Those preventative measures are stopping about 15 million barrels per day of crude oil from reaching their markets, said Leon.

Source: CBC News March 02, 2026 19:58 UTC