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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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Chile Mine Collapse Claims Four Lives: Rescue Efforts Continue at El Teniente

 

A helmet with the names of the miners trapped in the El Teniente mine complex during a candlelight vigil at the Andesita unit, outside Codelco's offices in Rancagua, Chile


A tragic collapse at Codelco’s El Teniente copper mine has resulted in the confirmed deaths of four out of five workers trapped underground following a powerful tremor on Thursday evening. The incident occurred in the Andesita section of the mine, located about 75 kilometers southeast of Santiago, and is one of the strongest seismic events ever recorded at the site.

Rescue teams have been working tirelessly to clear blocked passages and reach the trapped miners. As of Sunday, crews had uncovered 24 meters of debris out of the estimated 90 meters needed to access the collapsed area. The bodies of the four miners were discovered between Saturday and Sunday morning, while one worker remains missing.

The collapse was triggered by a magnitude 4.2 earthquake, though investigations are ongoing to determine whether mining activity may have contributed to the disaster. Codelco, Chile’s state-owned copper producer, has suspended all operations at the mine and evacuated over 3,000 personnel from the site.

“We worked overnight with the utmost care, looking meter by meter,” said El Teniente general manager Andrés Music. “I also don’t want to create false hopes. Let’s hope our rescue workers continue to make progress”.

Chile’s President Gabriel Boric visited the families of the victims and pledged full support for the ongoing rescue and investigation efforts.

El Teniente, the world’s largest underground copper mine, has been in operation since 1905 and produced 356,000 metric tonnes of copper in 2024. The tragedy has reignited concerns about safety in Chile’s mining sector, which—despite its reputation for rigorous standards—remains vulnerable to seismic risks.


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