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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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Iran and Hezbollah Reinforce Assad Amid Rebel Offensive in Homs

As rebel forces intensify their offensive towards the strategic city of Homs, Iran and Hezbollah are stepping up their support for Syrian President Bashar al-Assad. The recent surge in rebel activity has prompted thousands of residents to flee Homs, fearing the escalating conflict.

Iran has pledged to send additional military equipment, including missiles and drones, along with more advisers to bolster Assad's regime. Hezbollah, the Lebanese militant group backed by Iran, has also dispatched supervising forces to Syria to assist in preventing anti-government fighters from seizing Homs.

The city of Homs holds significant strategic importance as it connects the capital Damascus to the coast, a stronghold of Assad's Alawite sect. Losing Homs would sever this crucial link and deal a severe blow to Assad's control over the region.

Rebels, led by the Islamist faction Hayat Tahrir al-Sham (HTS), have vowed to continue their advance, aiming to "build Syria" and bring Syrian refugees back home from Lebanon and Europe. The offensive has already seen the capture of key cities such as Aleppo and Hama, further challenging Assad's rule.

The international community watches closely as the situation in Homs unfolds, with humanitarian concerns mounting as civilians bear the brunt of the conflict. The United Nations has called for immediate humanitarian access to all civilians in need and a return to a political process to end the bloodshed.

As the conflict continues, the geopolitical stakes remain high, with Iran and Hezbollah's support for Assad underscoring the complex web of rivalries and foreign interventions that perpetuate Syria's turmoil.




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