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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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Intensified Conflict: Airstrikes Hit Beirut as Israel Expands Gaza Operations

 

In the early hours of Thursday, several large airstrikes targeted the southern suburbs of Beirut, including a site near Lebanon’s only international airport. The Israeli military had issued an evacuation notice for the area, citing the presence of Hezbollah facilities.

Simultaneously, Israel has expanded its ground operations in northern Gaza, focusing on Beit Lahiya, a town heavily bombed since the conflict began. This escalation follows a month of intense military actions that have resulted in significant casualties on both sides.

Hezbollah’s leader, Naim Kassem, stated that the group is open to cease-fire negotiations only if Israel halts its aggression. The conflict, which started over a year ago, has seen over 3,000 deaths and thousands more injured in Lebanon alone.

The international community continues to call for a diplomatic resolution, with France’s Foreign Minister urging for immediate action towards peace. As the situation develops, the humanitarian crisis deepens, with civilians bearing the brunt of the ongoing violence.



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