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5 Things to Know Today: Oil Surges on Iran Conflict as TSX Slips Before the BoC

  September 1, 2026 — Here's what's moving markets and your wallet this morning. 1. Oil Jumps as U.S.-Iran Fighting Flares Up Again Weeks of relative calm ended over the weekend when a tanker was struck by projectiles in the Strait of Hormuz and U.S. and Iranian forces exchanged direct attacks for the first time in a month. Brent crude climbed to $91.52/barrel and WTI to $87.01, with President Trump threatening further strikes. What it means for you: Sustained oil gains typically show up at the pump within days. Worth topping up sooner rather than later, especially with the gas tax holiday also winding down (see #4). 2. TSX Slides for a Second Straight Day The TSX closed Monday at 36,270.48, down 283.44 points (-0.78%), with banks and gold miners leading the retreat as geopolitical risk crept back into the picture. Wall Street also pulled back (Dow -0.70%, S&P 500 -0.33%, Nasdaq -0.12%), and the VIX ticked up to 14.92. What it means for you: If you're contributing to ...
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Senate Republicans Advance Trump's Tax Cut Agenda Amidst Controversy


In a significant political move, U.S. Senate Republicans have passed a budget blueprint aimed at extending President Donald Trump's 2017 tax cuts. The measure, approved after an intense late-night session, allows Republicans to bypass the Senate's filibuster and proceed with tax, border security, and military priorities without Democratic support.

The blueprint proposes making the 2017 tax cuts permanent, which reduced the corporate tax rate from 35% to 21%. However, the individual tax cuts, set to expire this year, are also included in the plan. Critics argue that the measure could add $5.7 trillion to the federal debt over the next decade, though Republicans estimate the cost at $1.5 trillion.

Democrats have voiced strong opposition, warning that the plan could jeopardize Medicaid and other essential programs. Senate Democratic Leader Chuck Schumer criticized the move as favoring the wealthy at the expense of middle-class Americans.

The measure now heads to the Republican-led House of Representatives for further debate. Its passage marks a pivotal step in advancing Trump's economic agenda, though it faces significant scrutiny and potential hurdles in the coming weeks.

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