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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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Canada Strikes Back: New Steel Import Limits Aim to Shield Domestic Industry

In a bold move to counter the economic strain caused by steep U.S. tariffs, Prime Minister Mark Carney announced new measures to protect Canada’s steel industry. The federal government will impose tariff rate quotas on foreign steel imports, particularly from countries without a free trade agreement with Canada, capping them at 2024 levels.

This decision comes in response to U.S. President Donald Trump’s recent hike in steel and aluminum tariffs—from 25% to a punishing 50%—which has led to a sharp decline in Canadian exports and mounting job losses. Carney emphasized that the new quotas are designed to make Canadian steel more competitive and prevent market destabilization caused by global overcapacity and unfair trade practices.

If ongoing trade negotiations with the U.S. fail to yield results by July 21, Canada is prepared to escalate its counter-tariffs on American steel and aluminum products. Additional measures include restricting federal procurement to Canadian and trusted trade partners, and launching task forces to monitor the steel and aluminum sectors.

Carney summed up the urgency: “We must reinforce our strength at home and safeguard Canadian workers and businesses from the unjust U.S. tariffs that exist at present”. The government’s swift action signals a firm stance in defending national industry amid turbulent trade relations.

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