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Oil Prices Are Spiking — Here's What It Means for Your Gas Tank and Grocery Bill

  Published July 17, 2026 Crude oil is trading near one-month highs this week, and if you've filled up your tank recently, you've probably already felt it. The culprit: an escalating conflict in the Middle East that's disrupting one of the world's most important oil shipping routes — and it's starting to show up at Canadian pumps and, eventually, on grocery store shelves. What's happening with oil prices West Texas Intermediate (WTI), the North American benchmark, has been trading around the $79–$80 per barrel range this week — up roughly 5% over the past month. Brent crude, the global benchmark that matters more for what Canadians pay at the pump, has been hovering near $85 per barrel, also near a one-month high. The spike traces back to renewed fighting between the U.S. and Iran. The U.S. reimposed a naval blockade on Iran and has intensified strikes, while Iran has responded with attacks on U.S. bases and threats to disrupt regional energy shipments further. ...
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Putin Proposes Meeting with Trump to Discuss Ukraine War and Energy Prices

In a recent statement, Russian President Vladimir Putin expressed his desire to meet with U.S. President Donald Trump to discuss the ongoing Ukraine war and energy prices. Putin emphasized the importance of addressing these issues, which have been highlighted by Trump in the early days of his new administration.

Putin acknowledged that serious peace talks with Ukraine would be challenging unless the West pressured Ukrainian President Volodymyr Zelenskiy to cancel a 2022 decree that bars negotiations with the Russian leader. He described Trump as smart and pragmatic, and expressed hope that a meeting could lead to constructive discussions on matters of mutual interest.

Trump, who was recently sworn in for a second, non-consecutive term, has also expressed his willingness to meet with Putin and seek an early end to the conflict. He has criticized the war as "ridiculous" and damaging to Russia's economy.

The proposed meeting marks a significant shift in the Kremlin's approach, as there has been little high-level contact with Western leaders due to the war in Ukraine. Both leaders have indicated their readiness to work together, with Putin noting his "pragmatic and trusting" relationship with Trump.

The potential summit could address various issues, including arms control and energy, given that both countries are major oil producers and consumers. Putin highlighted the need for stable oil prices, which are crucial for both economies.

As the world watches closely, the outcome of this proposed meeting could have far-reaching implications for the ongoing conflict in Ukraine and global energy markets.

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