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Gas Prices Are Spiking Again — Here's How to Protect Your Wallet as the Iran Conflict Escalates

  Published July 20, 2026 If it feels like you're filling up more often for the same money lately, you're not imagining it. Oil markets jolted higher to start the week, and Canadian drivers are almost certain to see it at the pump in the next few days. What just happened Brent crude — the global benchmark that drives Canadian gas pricing — jumped nearly 4% on Monday to trade above US$90 a barrel, its highest level since mid-June, while U.S. West Texas Intermediate traded near US$84. The move came after the United States and Iran escalated hostilities over the weekend, including strikes on vessels attempting to transit the Strait of Hormuz and an attack on an oil facility in Kuwait. That strait matters enormously to your gas bill: roughly a fifth of the world's oil supply normally passes through it. When shipping through it slows or stalls, traders price in a "risk premium" almost immediately — and that shows up at Canadian pumps within days, not weeks. What it mea...

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Annuities and Interest Rates: What You Need to Know

 

Annuities are financial products that provide a stream of income for a certain period of time, usually for the rest of your life. They can be a useful way to supplement your retirement income, especially if you are worried about outliving your savings. However, annuities are also affected by interest rates, which can influence their cost and benefits. Here are some factors to consider before buying an annuity in a high interest rate environment.

First, you need to understand how interest rates affect annuities. Generally speaking, when interest rates are high, annuities are cheaper to buy, because the insurance company can invest your money at a higher return and pay you more income. Conversely, when interest rates are low, annuities are more expensive to buy, because the insurance company has to invest your money at a lower return and pay you less income.

Second, you need to consider the type of annuity you want to buy. There are two main types of annuities: fixed and variable. Fixed annuities pay you a fixed amount of income every month, regardless of market conditions. Variable annuities pay you a variable amount of income every month, depending on the performance of the underlying investments. Fixed annuities are more sensitive to interest rate changes, because they lock in the current rate for the duration of the contract. Variable annuities are less sensitive to interest rate changes, because they adjust to the market performance over time.

Third, you need to weigh the pros and cons of buying an annuity in a high interest rate environment. On the one hand, buying an annuity when interest rates are high can give you a higher income for life, which can help you cope with inflation and rising expenses. On the other hand, buying an annuity when interest rates are high can also mean that you miss out on potential growth opportunities in other investments, such as stocks and bonds, which may offer higher returns in the long run.

Ultimately, the decision to buy an annuity depends on your personal goals, risk tolerance, and financial situation. You should consult a qualified financial advisor before making any major financial decisions. Annuities can be a valuable part of your retirement plan, but they are not for everyone. You should carefully evaluate your options and compare different products before buying an annuity.

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