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5 Things to Know Today: Oil Surges, Tariffs Land Tomorrow, Your Gas Tax Break Survives

  Monday, September 7, 2026 — Labour Day | Canadian Money Brief Markets are closed for the holiday, but the week ahead is loaded. Here are five things worth knowing before you head back to your desk tomorrow. 1. Oil Hits a Five-Week High as the Iran Conflict Escalates Crude climbed to $92.06 US/barrel on Saturday — up 17.75% over the past month and nearly 48% year over year — after Iran and the United States exchanged missile strikes this week. Israel's defence minister has threatened "crippling" attacks on Iran's energy infrastructure, the EU has formally joined the US-led sanctions campaign, and US Vice President JD Vance said Washington won't hold peace talks until Iran stops targeting ships in the Strait of Hormuz. What it means for you: Even with the federal gas tax break extended (see #4), pump prices track the price of crude itself. If your tank's getting low, filling up early this week may beat whatever the Strait of Hormuz situation does to prices by...
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Renewed Conflict in Gaza: Over 85 Lives Lost in Israeli Strikes

In a tragic escalation of violence, Israeli airstrikes across Gaza have claimed the lives of at least 85 Palestinians, according to local health authorities. The strikes targeted multiple homes, leaving behind devastation and grief. This renewed assault follows the breakdown of a ceasefire that had provided a brief respite to the region.

The strikes, which occurred overnight, have drawn widespread condemnation and raised concerns about the safety of civilians in the densely populated area. Reports indicate that many of the victims were women and children, highlighting the human cost of the ongoing conflict.

The Israeli military has stated that its operations are aimed at targeting militants, but the high civilian toll has sparked international outcry. Meanwhile, Palestinian groups have reportedly launched retaliatory attacks, further intensifying the situation.

This tragic development underscores the urgent need for renewed diplomatic efforts to bring an end to the violence and address the underlying issues fueling the conflict. The international community is closely monitoring the situation, with calls for immediate action to prevent further loss of life.

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