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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Hurricane Milton Leaves 3 Million Without Power in Florida

 

Florida is reeling from the devastating impact of Hurricane Milton, which has left over 3 million residents without power. The storm, which made landfall as a Category 3 hurricane, brought with it ferocious winds and heavy rainfall, causing widespread destruction across the state.

Power Outages and Damage
As of Thursday morning, nearly 3.3 million Floridians are without electricity. The National Hurricane Center reported that the storm, now downgraded to a Category 1, continues to produce damaging winds and heavy rainfall as it moves northeast off Florida’s coast. The storm surge has caused significant flooding in several areas, with some regions experiencing up to 5 feet of water.

Casualties and Emergency Response
Tragically, at least four people have lost their lives due to the storm. Emergency services are working tirelessly to restore power and provide aid to those affected. The state has mobilized resources to assist in the recovery efforts, but the extent of the damage means it will take time to fully restore normalcy.

Community Impact
Residents are urged to stay indoors and avoid flooded areas. Many communities are coming together to support each other, with shelters providing refuge for those displaced by the storm. The resilience and solidarity of Floridians are evident as they navigate this challenging time.

Looking Ahead
While Hurricane Milton moves away from Florida, the focus now shifts to recovery and rebuilding. Authorities are assessing the full extent of the damage and planning the next steps to ensure the safety and well-being of all residents.


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