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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Biden Warns Netanyahu: Rafah Incursion Risks Escalation in Gaza Crisis


In a significant diplomatic exchange, U.S. President Joe Biden recently had his first phone call with Israeli Prime Minister Benjamin Netanyahu in two months. The focus of their conversation? The escalating situation in Gaza, specifically the potential for an Israeli military operation in Rafah.

During the call, President Biden delivered a clear message to Netanyahu: An Israeli incursion into Rafah would deepen anarchy in the already volatile region. The stakes are high, and both leaders recognized the need for urgent dialogue.

Tensions between Israel and the United States have risen, and the situation in Gaza remains precarious. The possibility of a famine looms over northern Gaza, with half of the population facing “crisis levels of food insecurity or worse,” according to the United Nations. Against this backdrop, any military action could have severe consequences.

Biden and Netanyahu agreed that teams from each side would meet in Washington to discuss the situation. White House national security adviser Jake Sullivan emphasized the importance of a comprehensive discussion on the way forward in Gaza.  The goal is to find a path that ensures safety, stability, and humanitarian support for the people caught in the crossfire.

As the world watches, the delicate balance between security concerns and humanitarian needs hangs in the balance. The Rafah issue is a red line, and any misstep could exacerbate an already fragile situation.

President Biden’s warning underscores the gravity of the moment. The fate of Gaza rests on delicate negotiations, and the international community holds its breath. As the crisis unfolds, the world waits to see whether diplomacy can prevail over conflict.


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