Oil prices ease on ceasefire hopes

Crude oil prices eased this week amid renewed optimism over a possible U.S.–Iran ceasefire and the reopening of the Strait of Hormuz.

Despite the decline in global benchmarks, analysts note that oil prices are not falling uniformly in Alberta, as local fuel costs are influenced by taxes, refining margins, and regional supply conditions.

Brent crude was trading near US$80.75 per barrel, while West Texas Intermediate stood around US$78.33. In Calgary, gasoline prices dropped to about $1.44 per litre on Monday, offering temporary relief to drivers.

Experts caution the decline may not last, pointing to tight global inventories and continued geopolitical uncertainty.

While markets are reacting to easing tensions, they say oil prices could remain volatile in the weeks ahead depending on the stability of ceasefire talks.