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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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Wall Street Ends Tumultuous Week on a High Note

 

Wall Street wrapped up a volatile week with a positive finish, as major U.S. stock indexes rebounded on Friday. The Dow Jones Industrial Average climbed 1.6%, the S&P 500 rose 1.8%, and the tech-heavy Nasdaq Composite gained 2.1%. 

This recovery followed a week of dramatic swings, largely driven by escalating trade tensions between the United States and China. President Trump's tariff policies created uncertainty in the markets, with reciprocal tariffs reaching as high as 145% on Chinese imports. Despite the turbulence, optimism emerged after the White House hinted at potential progress in trade negotiations.

Investors remain cautious, as the broader market is still down year-to-date. However, Friday's gains provided a much-needed boost to close out a rollercoaster week on a hopeful note.

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