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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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Tensions Escalate in Gaza Amid Ceasefire Uncertainty

 

In a tragic turn of events, Israeli fire has claimed the lives of at least two individuals in Gaza, further intensifying fears that the fragile ceasefire between Israel and Hamas could collapse. The incident occurred in Rafah, with additional injuries reported in Khan Younis, located in the southern region of Gaza.

The ceasefire, which began in January, recently reached a critical juncture as its first phase concluded without a clear agreement on the next steps. Hamas has called for the initiation of a second phase, which would involve a permanent Israeli withdrawal and an end to the ongoing conflict. However, Israel has proposed a temporary extension of the truce, contingent on the release of hostages in exchange for Palestinian detainees.

Adding to the tension, Israel has imposed a total blockade on Gaza, halting the supply of essential goods such as food and fuel. This has left the 2.3 million residents of Gaza in dire straits, with skyrocketing prices and dwindling resources. The blockade has also led to heightened fears of renewed violence, as Israeli tanks and artillery have intensified their presence along Gaza's borders.

The international community is closely monitoring the situation, with mediators urging both sides to find a resolution. However, the path forward remains uncertain, as both Israel and Hamas hold firm to their respective demands.

This latest escalation underscores the precarious nature of the ceasefire and the urgent need for a sustainable solution to the long-standing conflict.

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