Canada set to rise as Trump says peace with Iran is ‘over’ Gas prices are likely going to tick up once again in Canada, according to an analyst, as a signed peace agreement between the U.S. and Iran appears to be unravelling.

EV sales are up 20.8 per cent in the first four months of 2026 compared to the same time in 2025. For cost-conscious car shoppers, industry analysts say sky-high gas prices and revived government incentives are making zero-emission vehicles a more attractive option.

Gas prices are falling after the Iran deal, but low inventories, tanker delays, and reserve restocking may keep prices above pre-war levels for months.

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Canada's annual inflation rate edged up to 3.2 per cent in May, according to Statistics Canada. While gas prices led the overall rate higher, the cost of fresh fruit and vegetables also soared, driving up overall food inflation.

Canadians taking to the road this summer are feeling the higher prices at the pumps.