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5 Things to Know Today: G7 Oil Release, Pipeline Fast-Track and Ontario's N1 Deadline (Oct. 3)

  Canadian Money Brief • Saturday, October 3, 2026 Markets are closed for the weekend, so here is what moved on Friday and what it means for your wallet as the week turns. Five things worth knowing today. 1. The G7 Is Releasing 100 Million Barrels of Oil and Fuel G7 leaders, Canada included, agreed Friday to release 100 million barrels of crude and refined products from emergency reserves over the next four months, with a front-loaded diesel release in the first 20 days. Washington had been pressing allies to act as fuel prices climbed. Oil barely budged on the news: Brent settled at US$102.25 a barrel and WTI at US$91.11, down US$1.76. Analysts noted it is not yet clear whether the 100 million barrels is new supply or the tail end of the release pledged in March. What it means for you: Diesel comes first, which matters more for freight and grocery costs than for your gas tank. With Brent still around US$100, do not count on a quick drop at the pump. 2. A Weak U.S. Jobs Report Shi...
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US Military Strikes Houthi Radar Sites in Yemen Following Merchant Sailor’s Disappearance

 

In a significant escalation of the ongoing conflict, the United States military has launched a series of attacks targeting radar sites operated by Yemen’s Houthi rebels. These strikes come in response to the rebels’ assaults on shipping in the crucial Red Sea corridor. The situation intensified after a merchant sailor went missing following an earlier Houthi strike on a ship.

The U.S. Navy, facing its most intense combat since World War II, aims to counter the Houthi campaign. However, the rebel assaults often endanger ships and sailors unrelated to the conflict, further disrupting cargo and energy shipments between Asia, Europe, and the Middle East.

Central Command reported that seven radars within Houthi-controlled territory were destroyed, preventing the rebels from targeting maritime vessels. Additionally, the U.S. military neutralized two bomb-laden drone boats and a Houthi-launched drone over the Red Sea.

The missing merchant sailor was aboard the Liberian-flagged bulk cargo carrier “Tutor,” which suffered a Houthi attack using a bomb-carrying drone boat. The crew was rescued, but the vessel remains in the Red Sea, slowly taking on water.

As the conflict continues, tensions remain high in the region, impacting global trade and security.

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