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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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Ottawa’s Foreign Service Faces Budget Axe Amid Push for Efficiency

Ottawa is preparing to implement sweeping budget cuts that will impact Global Affairs Canada, including the foreign service, according to Foreign Affairs Minister Anita Anand. The move comes as part of Prime Minister Mark Carney’s broader plan to reduce government spending by 7.5% starting next spring.

Anand emphasized the need to eliminate “red tape and inefficiencies,” though she declined to specify which programs or positions might be affected. The announcement has sparked concern among former diplomats and the Professional Association of Foreign Service Officers, who warn that trimming diplomatic resources could weaken Canada’s global influence and its ability to protect citizens abroad.

The cuts arrive at a time when Global Affairs Canada is aiming to expand its international footprint, creating a paradox between fiscal restraint and diplomatic ambition. Critics argue that reducing Canada’s foreign service could undermine key strategies in the Indo-Pacific and Africa, especially as rival powers like China and Russia bolster their global presence.

Finance Minister François-Philippe Champagne has asked all departments to identify areas for savings, with a focus on streamlining operations rather than across-the-board reductions. While the government insists the cuts are not intended to eliminate jobs, attrition and restructuring may be inevitable.

The debate continues over how Canada can balance its fiscal goals with its international responsibilities.

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