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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’s Bears Warn of Risks to Stocks Amid Slowing Economy


Wall Street’s stock sell-off is intensifying as concerns grow over the health of the US economy Dow Jones Industrial Average futures dropped 800 points, while Nasdaq 100 futures fell nearly 5%, and S&P 500 futures declined almost 3%. The CBOE Volatility Index soared to its highest level since the early days of the COVID-19 pandemic.

The global stock market is experiencing a rapid sell-off following a lackluster US jobs report, raising concerns about the economy and the Federal Reserve’s timing on interest rate cuts. Major companies like Apple, Nvidia, and Tesla saw significant declines, and Bitcoin dropped over 15%.

The sell-off has spread globally, with Japan’s Nikkei 225 experiencing its biggest-ever daily loss. Oil prices also fell, with WTI crude futures nearing $72 a barrel. This week, US unemployment claims will be closely watched for further economic insights.



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