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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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Israeli Tanks Push Into Gaza City as Trump Prepares White House War Talks

                        An Israeli tank manouvres at the Israel-Gaza border, as seen from Israel, August 26, 2025.

Israeli tanks advanced into the Ebad-Alrahman neighborhood on the northern edge of Gaza City late Tuesday, shelling homes and forcing residents to flee deeper into the city. The move comes as U.S. President Donald Trump readies a White House meeting to discuss the ongoing war and potential post-war plans for Gaza.

Witnesses described sudden explosions and mass displacement, with church leaders vowing to remain in place despite evacuation orders, citing the dangers of fleeing south. The Israeli military has framed the operation as part of a broader push to dismantle Hamas’ remaining strongholds, while aid agencies warn of worsening humanitarian conditions amid a UN-declared famine in Gaza governorate.

Trump’s special envoy, Steve Witkoff, said Washington expects the conflict to be resolved by year’s end, though Israel has yet to respond to a Hamas-accepted ceasefire proposal. Meanwhile, protests in Israel continue to demand an end to the war and the release of hostages still held in Gaza.


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