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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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Israel Approves Ceasefire Deal with Gaza, Hostages to be Released

 

In a significant move towards peace, Israel’s security cabinet has approved a ceasefire deal with Hamas, paving the way for the release of dozens of hostages held in Gaza. The agreement, which is expected to take effect as early as Sunday, aims to halt the 15-month-long conflict that has caused widespread devastation in Gaza.

Under the terms of the deal, Hamas will release 33 Israeli hostages, including women, children, and elderly men, in exchange for hundreds of Palestinian prisoners held by Israel. The ceasefire is set to begin with a six-week phase, during which Israeli forces will withdraw from several areas, allowing hundreds of thousands of Palestinians to return to their homes.

The approval of the ceasefire deal comes after intense negotiations and last-minute complications. Despite opposition from hardliners within Prime Minister Benjamin Netanyahu’s coalition, the deal was ultimately approved by the security cabinet and is now awaiting final approval from the full cabinet.

The ceasefire and hostage release are seen as a crucial step towards easing hostilities in the region and providing much-needed humanitarian relief to the people of Gaza. The international community has welcomed the agreement, hoping it will lead to a lasting peace in the Middle East.




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