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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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Israeli Forces Intensify Bombardment in Gaza Amid Fierce Fighting

 

In a devastating escalation, Israeli forces have pounded Rafah in southern Gaza and other areas across the enclave. The intense bombardment has resulted in the deaths of at least 38 Palestinians, including civilians, as troops engage in close-quarter combat with Hamas militants. Tanks are pushing into the city, aiming to complete their capture of Rafah, which borders Egypt and has been under assault since early May. The situation is dire, with more than a million displaced people seeking shelter in the city, only to be forced to flee again due to the attacks.

Palestinian health officials report that at least 18 Palestinians were killed in Mawasi, western Rafah, after a tank shelling hit a tent housing displaced families. The Israeli military claims its actions are “precise, intelligence-based,” targeting tunnels used by militants and a university allegedly serving as a Hamas headquarters. Meanwhile, the pace of the Israeli raid has accelerated, with non-stop sounds of explosions and gunfire in western Rafah.

As the conflict continues, Israel’s advance focuses on the last two areas yet to be stormed: Rafah in Gaza’s southern edge and the region surrounding Deir al-Balah in the center. The toll of violence remains devastating, with both Palestinian and Israeli lives lost in this tragic conflict.

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