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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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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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