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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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Canada’s Inflation Edges Up to 2.9% in March: A Closer Look


In March 2024, Canada’s annual inflation rate nudged up to 2.9%, driven by several factors including rising gasoline prices, mortgage interest costs, and rent. Let’s delve into the details of this economic development.

Key Points:

  1. Gasoline Prices Surge: The surge in gasoline prices played a significant role in pushing up the inflation rate. As global energy markets fluctuate, consumers are feeling the impact at the pump.

  2. Mortgage Interest and Rent Costs: Alongside fuel, mortgage interest costs and rent contributed to the overall increase. These expenses are closely monitored by households and can significantly affect their budgets.

  3. Bank of Canada’s Watchful Eye: The Bank of Canada, which recently maintained its key interest rate at 5%, will closely scrutinize this inflation report. While the central bank remains cautious, it acknowledges the possibility of adjusting interest rates in the future.

  4. Budget Implications: The release of the inflation report coincides with the federal government’s budget announcement. Policymakers will consider these inflationary trends as they shape economic policies.

As Canada grapples with inflationary pressures, policymakers and citizens alike must stay vigilant. The delicate balance between economic growth and price stability remains a priority for the nation. The coming months will reveal whether this upward trend persists or moderates.


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