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Gas Prices Are Spiking Again — Here's How to Protect Your Wallet as the Iran Conflict Escalates

  Published July 20, 2026 If it feels like you're filling up more often for the same money lately, you're not imagining it. Oil markets jolted higher to start the week, and Canadian drivers are almost certain to see it at the pump in the next few days. What just happened Brent crude — the global benchmark that drives Canadian gas pricing — jumped nearly 4% on Monday to trade above US$90 a barrel, its highest level since mid-June, while U.S. West Texas Intermediate traded near US$84. The move came after the United States and Iran escalated hostilities over the weekend, including strikes on vessels attempting to transit the Strait of Hormuz and an attack on an oil facility in Kuwait. That strait matters enormously to your gas bill: roughly a fifth of the world's oil supply normally passes through it. When shipping through it slows or stalls, traders price in a "risk premium" almost immediately — and that shows up at Canadian pumps within days, not weeks. What it mea...
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Trump Orders Decisive Strikes on Yemen's Houthis, Casualties Reported


In a significant escalation, U.S. President Donald Trump has authorized a series of airstrikes targeting Houthi rebels in Yemen. The operation, described as "decisive and powerful," aims to counter the Iran-backed group's activities in the Red Sea, which have disrupted global shipping and posed threats to international security.

The strikes, carried out on Saturday, resulted in at least 31 fatalities and over 100 injuries, according to reports from Yemen's Houthi-run health ministry. Many of the casualties were women and children, highlighting the devastating impact on civilians. The attacks targeted key Houthi military sites, including missile defenses and bases in Sanaa and other regions.

President Trump emphasized the necessity of the operation, stating that the U.S. would deploy "overwhelming lethal force" to ensure the safety of American and allied vessels. He also issued a stern warning to Iran, the Houthis' primary backer, demanding an end to their support for the group.

The Houthis have condemned the strikes as a "war crime" and vowed to respond with escalation. The situation remains tense, with further actions anticipated in the coming weeks. This marks a pivotal moment in the ongoing conflict, with potential implications for regional stability and international relations.

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