By Laine Mitchell (Twitter: @Laine_Mitchell)

Iran nuclear deal is dead: What impact will it have on Alberta gas prices?

May 8, 2018 | 2:42 PM

U.S. President Donald Trump announced Tuesday his decision pull out of the nuclear accord with Iran, disappointing key allies around the world and rattling oil markets. 

Oil prices first began trading higher last Friday in anticipation of President Trump’s announcement, with WTI Crude flirting over the $70 a barrel mark over the past couple of trading days.

Dan McTeague with GasBuddy.com said the U.S. pulling out of the deal could lead to some strained oil supply further down the road, however he said gas prices are already very high across Alberta.  

“The prices are already very high especially given what we see here across much of the province, up by 21 per cent compared to last year,” he said. 

McTeague says where the prices for oil are right now very well may be the sweet spot for both Brent and WTI commodities. He’s also predicting prices at the pump in Alberta will remain status quo. 

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“Oil can go up a barrel and go down a barrel, but it’s pretty much on market where it’s expected to stay. You’ll see things pretty much remain as they are.”

He added that gas prices in Alberta remain around the $1.30 per litre mark due to two out of the three refineries in Edmonton still being out of commission, which has been driving up prices at the pump for much of the prairies.

The Iran nuclear deal was a preliminary framework agreement that was reached in 2015 by multiple nations, including the United States.