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5 Things to Know Today: G7 Oil Release, Pipeline Fast-Track and Ontario's N1 Deadline (Oct. 3)

  Canadian Money Brief • Saturday, October 3, 2026 Markets are closed for the weekend, so here is what moved on Friday and what it means for your wallet as the week turns. Five things worth knowing today. 1. The G7 Is Releasing 100 Million Barrels of Oil and Fuel G7 leaders, Canada included, agreed Friday to release 100 million barrels of crude and refined products from emergency reserves over the next four months, with a front-loaded diesel release in the first 20 days. Washington had been pressing allies to act as fuel prices climbed. Oil barely budged on the news: Brent settled at US$102.25 a barrel and WTI at US$91.11, down US$1.76. Analysts noted it is not yet clear whether the 100 million barrels is new supply or the tail end of the release pledged in March. What it means for you: Diesel comes first, which matters more for freight and grocery costs than for your gas tank. With Brent still around US$100, do not count on a quick drop at the pump. 2. A Weak U.S. Jobs Report Shi...
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EU Prepares for Potential Trade Retaliation Against US Tariffs

The European Union has announced its readiness to counteract U.S. tariffs with a robust plan, should the need arise. Speaking to the European Parliament, Ursula von der Leyen, President of the European Commission, emphasized the EU's preference for a negotiated solution but affirmed its preparedness to protect its interests, citizens, and businesses if necessary.

The U.S. administration, under President Donald Trump, has recently imposed tariffs on steel and aluminum imports, with additional duties on cars expected soon. Von der Leyen criticized these measures, highlighting their potential to fuel inflation and increase costs for American industries. She also underscored the importance of diversifying trade and removing internal barriers within the EU's single market to strengthen its economic resilience.

While the EU remains open to dialogue, von der Leyen assured lawmakers that all necessary instruments are on the table to respond decisively if required. The bloc's strategy reflects its commitment to safeguarding its economic stability and maintaining a balanced global trade environment.

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