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Oil Prices Are Spiking — Here's What It Means for Your Gas Tank and Grocery Bill

  Published July 17, 2026 Crude oil is trading near one-month highs this week, and if you've filled up your tank recently, you've probably already felt it. The culprit: an escalating conflict in the Middle East that's disrupting one of the world's most important oil shipping routes — and it's starting to show up at Canadian pumps and, eventually, on grocery store shelves. What's happening with oil prices West Texas Intermediate (WTI), the North American benchmark, has been trading around the $79–$80 per barrel range this week — up roughly 5% over the past month. Brent crude, the global benchmark that matters more for what Canadians pay at the pump, has been hovering near $85 per barrel, also near a one-month high. The spike traces back to renewed fighting between the U.S. and Iran. The U.S. reimposed a naval blockade on Iran and has intensified strikes, while Iran has responded with attacks on U.S. bases and threats to disrupt regional energy shipments further. ...
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May Housing Market: Sales Decline Amid Record High Prices

 

In May, sales of previously owned homes declined for the third consecutive month as prices hit an all-time high. Year-over-year sales were down by 2.8%¹. The median home price in the US reached $419,300, contributing to the slowdown in home sales due to elevated interest rates. 

Lawrence Yun, chief economist at the National Association of Realtors (NAR), expressed surprise at the lack of a spring recovery. Only the Midwest saw an increase in home sales, while other regions remained flat or experienced monthly declines. Despite the market's softer conditions, homes still received multiple offers, and first-time buyers' share of purchases surpassed 30% for the second straight month³. It's a complex market situation, but I hope this summary sheds some light on the current trends! 




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