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5 Things to Know Today: "Economic D-Day" for Iran and Gold Tops $4,700

Here's what's moving Canadian wallets this Monday — from a sanctions announcement in Washington to a record run in gold. 1. The U.S. is unveiling "economic D-Day" sanctions on Iran today U.S. Treasury Secretary Scott Bessent holds a news conference this afternoon to detail what he's calling the "toughest sanctions in history" against Iran, part of a broader push to cut off the country's oil exports and its trading partners' access to the U.S. financial system. Oil had pulled back over the weekend from last week's highs above $93 Brent as traders waited for the details. What it means for you: Sanctions announcements this sweeping tend to move oil first and gas pumps second. If Brent jumps back above $90 on today's news, expect it at the pump within a few days — worth topping up before the weekend if you're due for a fill-up. 2. TSX holds near records, but Wall Street is cautious into Jackson Hole The TSX enters the week just off its r...
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Egypt Proposes Ceasefire Amid Escalating Gaza Conflict

Egypt has stepped forward with a new truce proposal aimed at restoring peace in Gaza, following a surge in violence that has claimed the lives of at least 65 Palestinians in the past 24 hours. The escalation began after Israel resumed air and ground operations against Hamas, effectively ending a two-month period of relative calm.

The Egyptian plan reportedly includes a phased approach, with Hamas releasing five Israeli hostages each week. In return, Israel would implement the second phase of the ceasefire after the first week. The proposal also outlines a timeline for Israel's full withdrawal from Gaza, backed by U.S. guarantees.

While both Hamas and the U.S. have expressed tentative agreement to the proposal, Israel has yet to respond. The situation remains dire, with nearly 700 Palestinians reported killed since the resumption of hostilities, including many women and children. Humanitarian agencies have raised alarms over the worsening conditions in Gaza, where thousands are displaced and essential supplies are running critically low.

This latest effort by Egypt underscores the urgent need for a resolution to the ongoing conflict, as the region faces a mounting humanitarian crisis.

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