Since American and Israeli missiles began striking Iran, global oil prices have jumped sharply. The conflict has resulted in the disruption of tanker traffic through the Strait of Hormuz, which carries about one-fifth of the world’s oil shipments.
For Canadians, the effects have been immediate, with higher prices at the gas pump.
A familiar refrain has already surfaced in Canadian political commentary: higher oil prices are good for Canada. That intuition is understandable, given that Canada is the world’s fourth-largest oil producer, with oil and gas being Canada’s highest export earner.
