Calgary gas prices jump by 17 cents per litre

Continued conflict in the Middle East and other global pressures have caused fuel prices to surge. Mason DePatie has details.

After a brief decline earlier this week, gas prices in Calgary are rising again.

As of Thursday morning, many stations were advertising $1.72 a litre, about 17 cents higher than Monday.

Analysts say prices are being pushed by continued uncertainty in the Middle East as well as a tightening oil supply.

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The latest data from the U.S. Energy Information Administration shows crude oil inventories fell by eight million barrels during the last week of May.

The larger-than-expected drawdown has added to concerns about tightening supplies and helped keep oil prices elevated.

Despite the recent increase, energy experts expect gasoline prices to remain relatively stable through the end of the week.

Across Canada, British Columbia continues to have some of the highest fuel prices, while Alberta and Saskatchewan remain among the least expensive provinces for gasoline.

Analysts say drivers could continue to see sudden price swings in the coming weeks as markets react to developments in the Middle East and changing crude oil inventories.