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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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Blinken Embarks to Middle East for Sixth Gaza Diplomacy Push


 U.S. Secretary of State Antony Blinken returns to the Middle East on Wednesday for his sixth visit since the start of Israel’s war with Hamas. His mission is to facilitate discussions for a temporary ceasefire and the release of hostages held by Hamas.

Blinken will meet Saudi leaders in Jeddah and Egyptian leaders in Cairo to discuss talks brokered by Egypt and Qatar on an agreement, as well as efforts to get more aid into Gaza. The ongoing negotiations aim to alleviate the humanitarian crisis gripping Gaza. Additionally, Blinken will engage in conversations about arrangements for governance, security, and redevelopment in post-conflict Gaza.

The war was triggered when Hamas fighters crossed into Israel on a rampage, resulting in the loss of 1,200 lives and the capture of 253 hostages according to Israeli tallies. In response, Israel launched a retaliatory onslaught, resulting in the confirmed death of nearly 32,000 people in Hamas-run Gaza, with thousands more feared lost under the rubble.

Despite multiple visits to the U.S. ally on his previous regional swings, Blinken is not scheduled to visit Israel on this trip. Tensions have escalated between U.S. President Joe Biden’s administration and the government of Israeli Prime Minister Benjamin Netanyahu, who recently rebuffed Biden’s plea to call off a planned ground assault in the southern Gaza city of Rafah, where more than a million displaced Palestinians are sheltering.

Blinken’s diplomatic efforts continue as the international community closely watches the situation unfold in the region.

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