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5 Things to Know Today: G7 Oil Release, Pipeline Fast-Track and Ontario's N1 Deadline (Oct. 3)

  Canadian Money Brief • Saturday, October 3, 2026 Markets are closed for the weekend, so here is what moved on Friday and what it means for your wallet as the week turns. Five things worth knowing today. 1. The G7 Is Releasing 100 Million Barrels of Oil and Fuel G7 leaders, Canada included, agreed Friday to release 100 million barrels of crude and refined products from emergency reserves over the next four months, with a front-loaded diesel release in the first 20 days. Washington had been pressing allies to act as fuel prices climbed. Oil barely budged on the news: Brent settled at US$102.25 a barrel and WTI at US$91.11, down US$1.76. Analysts noted it is not yet clear whether the 100 million barrels is new supply or the tail end of the release pledged in March. What it means for you: Diesel comes first, which matters more for freight and grocery costs than for your gas tank. With Brent still around US$100, do not count on a quick drop at the pump. 2. A Weak U.S. Jobs Report Shi...
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Russia Rejects Trump's Ukraine Peace Proposals

In a significant diplomatic development, Russian Foreign Minister Sergey Lavrov has rejected the peace proposals floated by President-elect Donald Trump's allies to end the ongoing war in Ukraine. Lavrov stated that Moscow has not received any official signals regarding a settlement in Ukraine but expressed dissatisfaction with the unofficial ideas being circulated. 

The proposals reportedly included delaying Ukraine's NATO membership for 20 years and stationing British and European peacekeeping forces in Ukraine. Lavrov emphasized the need for reliable and legally binding agreements that address the root causes of the conflict and prevent future violations. 

Trump, who campaigned on ending the war by the time he takes office, has not officially released any proposals to end the conflict. However, he has claimed that he could end the war within 24 hours of taking office. Despite these claims, Lavrov expressed skepticism about Trump's ability to restore ties between Russia and the U.S., citing the current bipartisan consensus on deterring Russia.

The rejection of these proposals marks a setback for Trump's hopes to freeze the conflict and highlights the complexities of achieving a lasting peace in the region.



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