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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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Trump Administration Eyes Fed Shake-Up as Powell’s Future in Doubt

The Trump administration is preparing to search for a new Federal Reserve Chair this fall, signaling a potential leadership shift at the central bank well ahead of Jerome Powell’s term ending in May 2026. Treasury Secretary Scott Bessent confirmed the administration’s intent in a recent interview, noting that “a lot of good candidates” are under consideration.

President Trump has been openly critical of Powell’s reluctance to cut interest rates, arguing that the Fed’s current policy is stifling economic growth. In a handwritten note to Powell, Trump urged a significant rate cut, calling the Fed Chair “Mr. Too Late” and blaming him for costing the U.S. “a fortune”.

While Bessent has emerged as a potential successor, he expressed contentment with his current role, stating, “I will do what the president wants, but I think I have the best job in DC”. Other names floated for the position include Fed Governor Christopher Waller, former Fed Governor Kevin Warsh, and White House economic adviser Kevin Hassett.

The administration is expected to announce a replacement as early as October, with the goal of ensuring a smooth transition before Powell’s term concludes. The move comes amid broader economic debates over tariffs, inflation, and the pace of monetary easing.

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