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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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Wall Street Leans Toward Gains Ahead of Powell Testimony and Earnings Data


Wall Street is poised for gains as we enter day two of Federal Reserve Chair Jerome Powell’s testimony before Congress. Here are the key highlights:

  1. Futures Rise: Futures for the S&P 500 have climbed 0.2%, while Dow Jones Industrial Average futures edged up slightly. Investors are closely monitoring Powell’s remarks for insights into monetary policy decisions.

  2. Earnings Season: As companies report their quarterly earnings, market participants are paying attention to corporate performance. Expectations are high, and positive surprises could drive further gains.

  3. Inflation Data: The market is also keeping an eye on inflation data. Rising prices have been a concern, and any indications from Powell regarding the Fed’s stance on inflation will be closely scrutinized.

Remember, Powell’s comments can significantly impact market sentiment. Stay tuned for further updates as the day unfolds!


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