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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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A major power outage is reported in Spain and Portugal, disabling their capitals

 

A major power outage has struck Spain and Portugal, including their capitals, Madrid and Lisbon, causing significant disruptions across the Iberian Peninsula. The blackout has affected subway networks, phone lines, traffic lights, and ATM machines, leaving millions of residents grappling with the sudden loss of electricity.

Spanish power grid operator Red Eléctrica and Portuguese distributor E-Redes are working to restore power and stabilize the network. Early reports suggest the outage may be linked to issues in the European electricity system. The blackout has also impacted parts of France, further highlighting the scale of the problem.

Authorities in both countries have urged residents to limit travel and prioritize safety as traffic lights and public transportation remain non-operational. This rare and widespread outage has disrupted daily life, with courts halting work and mobile networks experiencing outages.

Efforts to restore power are underway, but the cause of the outage remains under investigation. This developing situation underscores the vulnerability of interconnected power systems and the need for robust infrastructure to prevent such incidents in the future.

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