Gas prices in Metro Vancouver remain high this week, but experienced a notable drop overnight, and analysts say they may continue dropping.

Patrick De Haan, head of petroleum analysis at GasBuddy.com, says the price is 38-cents-per-litre higher than one month ago, but fell around 5 per cent Wednesday morning.

Gas prices have been increasing around the globe since the onset of the U.S. and Israel’s attacks on Iran and disruptions to traffic in the Strait of Hormuz, a major gateway for oil and gas exports.

Depending on how peace talks between the nations progress, De Haan says, “that could eventually translate to some relief in the days ahead…but the coast is anything but clear.”

While the situation remains volatile, De Haan declined to forecast which day would be best to fill a gas tank, but said geopolitical effects on the market take a little over a day to affect the price at the pump.

“Generally, early in the morning, we can tend to see decreases if there’s positive improvement from the day before. We also tend to see increases happening in the afternoon and evening. If oil markets go up,” he explained.

Iran has reportedly told the International Maritime Agency it will allow certain, non-hostile ships to transit the Strait of Hormuz Wednesday.

In Vancouver, regular gas prices reached as high as $2.14 per litre this week. As of Wednesday morning, some stations are advertising as low as $2.03 per litre.