The Globe and Mail reports in its Thursday edition that the U.S.-Israeli war on Iran has driven oil prices up by 12 per cent due to concerns over supply as Iran's Islamic Revolutionary Guard claimed control of the Strait of Hormuz, halting most vessel traffic and disrupting the flow of Middle Eastern oil and gas. The Globe's Eric Atkins writes that Karatzas Marine Advisors said the strait is "extremely critical." Eighty per cent of the Strait's crude is destined for Asia. Most of the remainder goes to Europe with a small amount to the Americas. Qatar and the United Arab Emirates ship almost all their liquefied natural gas through the strait, accounting for 20 per cent of global supplies. Canada produces more oil than it consumes and is not expected to face immediate supply issues, aside from gas prices. While Canadians are not likely to see any change in oil supplies, they are feeling the impact when they fill up their cars. Gasoline prices have risen by almost 11 cents a litre in the past week to an average of $1.42. Goldman Sachs on Wednesday raised its second-quarter oil price forecast for Brent crude by $10 (U.S.) a barrel to $76 (U.S.), based on expected lower global stockpiles and Mideast production in March.