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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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Escalation in Middle East: Israeli Strikes in Gaza and Beirut Amid US Aid Deadline

 

In a series of recent escalations, Israeli airstrikes have resulted in significant casualties in Gaza and Beirut. On Monday, two Israeli strikes in Gaza killed at least 14 people, including two children and a woman. The strikes targeted a cafeteria in the Muwasi humanitarian zone west of Khan Younis, resulting in 11 deaths. Another strike hit a house in the Nuseirat refugee camp, killing three more individuals.

Simultaneously, Israeli airstrikes hit the southern suburbs of Beirut, causing extensive damage and raising regional tensions. These actions coincide with the expiration of a U.S.-imposed deadline for Israel to increase humanitarian aid to Gaza. Despite some steps taken by Israel, U.S. officials have indicated that the efforts are insufficient, potentially impacting American military support.

The situation remains volatile, with international aid groups urging for greater humanitarian access to the war-torn regions.


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