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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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Dow Hits 40,000 for the First Time as Bull Market Accelerates

Wall Street advanced into uncharted territory on Thursday, with the Dow Jones Industrial Average topping 40,000 for the first time after a blowout earnings report from Walmart cast a positive light on the U.S. economy. The Dow rose about 0.4%, closing at a new all-time high above the 40,000 threshold. Meanwhile, the S&P 500 added about 0.3%, just below a record finish, and the tech-heavy Nasdaq Composite gained 0.4%.

Investors are closely watching second-quarter results from major U.S. banks, including Goldman Sachs, which reported a profit surge of 150% amid investment banking strength. Additionally, BlackRock’s profit beat estimates as assets under management reached a record of $10.6 trillion.

The market’s focus also turned to the potential fallout from an assassination attempt on presidential candidate Donald Trump during a rally. Bets have increased on a win in November’s presidential election for the Republican frontrunner, who is seen as likely to cut taxes, raise trade tariffs, and ease up on regulation.

Fed Chair Jerome Powell’s remarks reinforced market expectations that rate cuts will arrive as soon as September, further influencing investor sentiment. Overall, it’s a dynamic time in the markets, and the Dow’s milestone reflects the ongoing bull market.

Remember to stay informed and keep an eye on market developments!

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