Huge drop in gas, diesel in N.S. amid ‘close’ deal for Strait of Hormuz
Posted Aug 7, 2026 12:02:44 PM.
Relief at the pumps across Nova Scotia is continuing after President Donald Trump said an agreement is in a “final stage” over the waterway choking off fuel for months.
The Nova Scotia Energy Board has lowered the price of gas 9.7 cents to 170.5 cents per litre.
A similar decrease was seen for diesel, which now rests at 220.0 cents per litre, a 9.8 cents decrease.
Both fuel types have dropped significantly over the last week, as the board issued its interrupter clause on Aug. 5 with double digit decreases.
It comes as Trump said a deal could be announced this week over the Strait of Hormuz.
That could potentially reopen the critical waterway, ease pressure on the world economy and help bring an end to the war.
But the agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports. The Trump administration has previously ruled out any deal that would cement Iran’s grip over the strait, which would amount to a major loss for the U.S. and a break with global norms.
Iran has insisted on some measure of control over the strait, saying it will not go back to being an open international waterway, as it was before the war.
Closure of the strait, through which a fifth of the world’s traded oil and natural gas once passed, has driven up the price of fuel and basic goods, roiling the global economy. Trump is also under mounting pressure to end an unpopular war ahead of U.S. congressional elections.
With files from Elena Becatoros, Samy Magdy And Darlene Superville, The Associated Press
