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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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Trump Criticizes Federal Reserve Chair Powell Over Tariff Remarks

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President Donald Trump has publicly expressed dissatisfaction with Federal Reserve Chair Jerome Powell, hinting at his removal following Powell's comments on the economic impact of tariffs. Powell, in a recent speech, highlighted the potential for increased inflation and slowed economic growth due to the tariffs, which he described as larger than anticipated.

Trump, in a social media post, criticized Powell for not lowering interest rates aggressively, comparing the Federal Reserve's approach unfavorably to the European Central Bank. He stated that Powell's "termination cannot come fast enough," despite legal protections that prevent the president from firing the Federal Reserve Chair without cause.

Powell, who was initially appointed by Trump in 2018 and reappointed in 2022, has emphasized the Federal Reserve's independence and commitment to making decisions based on economic analysis rather than political pressure. This clash underscores ongoing tensions between the administration and the central bank over monetary policy and economic strategy.

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