Gasoline prices spike as Saudi attacks work through fuel market

Gasoline prices have spiked in Waterloo region in response to the weekend attack on Saudi Arabia's largest oil-processing plant, which cut about five percent of the world's production.

Tuesday morning, the bargain rates around Waterloo region were about $1.11/L but by evening the cheapest sellers ranged between $1.14 low to a $1.19 high.

The price rise comes a few days before what would have been an expected seasonal drop in prices, analysts say.

Oil sector analysts are also warning there is volatility ahead in oil prices.