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Gas Prices Are Spiking Again — Here's How to Protect Your Wallet as the Iran Conflict Escalates

  Published July 20, 2026 If it feels like you're filling up more often for the same money lately, you're not imagining it. Oil markets jolted higher to start the week, and Canadian drivers are almost certain to see it at the pump in the next few days. What just happened Brent crude — the global benchmark that drives Canadian gas pricing — jumped nearly 4% on Monday to trade above US$90 a barrel, its highest level since mid-June, while U.S. West Texas Intermediate traded near US$84. The move came after the United States and Iran escalated hostilities over the weekend, including strikes on vessels attempting to transit the Strait of Hormuz and an attack on an oil facility in Kuwait. That strait matters enormously to your gas bill: roughly a fifth of the world's oil supply normally passes through it. When shipping through it slows or stalls, traders price in a "risk premium" almost immediately — and that shows up at Canadian pumps within days, not weeks. What it mea...
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S&P 500 Futures Retreat from 6,000 Milestone as Post-Election Rally Eases

 

Premarket Update: The S&P 500 futures have dipped below the 6,000-point mark, cooling off after a significant rally driven by Donald Trump’s presidential election victory and a recent interest rate cut by the Federal Reserve.

On Thursday, the S&P 500 futures surpassed the 6,000 milestone for the first time, buoyed by expectations of a more business-friendly regulatory environment under Trump’s administration and the Fed’s 25 basis point rate cut. However, the momentum has slowed as traders digest the implications of Trump’s proposed fiscal policies, which include expansive spending plans and potential tariff hikes.

Despite the slight pullback, the overall market sentiment remains positive. The Dow and S&P 500 are on track for their best week in nearly a year, while the Nasdaq is set for its best performance in two months. Investors are also keeping an eye on upcoming economic data, including the University of Michigan’s preliminary consumer sentiment survey for November and a speech by Federal Reserve Board Governor Michelle Bowman.

Michael Brown, a senior research strategist at Pepperstone, noted that strong earnings and economic growth, coupled with the Fed’s supportive stance, are expected to continue driving the market higher in the medium term. However, the path forward may be complicated by inflationary pressures stemming from Trump’s fiscal policies.

As the market adjusts to the new political landscape, traders have trimmed expectations for further rate cuts next year, leading to a rise in bond yields. The immediate impact on Wall Street has been relatively muted, with all three major indexes closing around record highs on Thursday.


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