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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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Lockheed Martin's Proposal: Job Creation Tied to F-35 Fighter Jet Contract

 

Lockheed Martin, the U.S. defense contractor behind the F-35 fighter jet, has proposed creating additional jobs in Canada if the Canadian government commits to fulfilling its full order of 88 F-35 aircraft. This offer comes amidst ongoing discussions about the $19 billion contract, which was initially signed in 2023 to replace Canada's aging CF-18 fleet.

Currently, Canada has committed to purchasing only 16 of the 88 jets, with the first deliveries expected in 2026. Lockheed Martin's proposal aims to incentivize Ottawa to proceed with the remaining 72 aircraft by emphasizing the economic benefits of job creation. The company has highlighted the potential for roles in engineering, manufacturing, and other sectors critical to the Canadian economy.

However, the proposal is not without controversy. Prime Minister Mark Carney has ordered a review of the F-35 contract, citing concerns over trade relations with the United States and the geopolitical implications of relying on U.S.-made military equipment. Alternatives, such as the Swedish Gripen fighter jet, are also being considered, with some advocating for domestic production to boost Canadian sovereignty and job creation.

As the federal government navigates these complex decisions, the debate over the F-35 contract underscores the intersection of defense procurement, economic growth, and international relations.


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