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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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Cable Failure Blamed for Deadly Lisbon Funicular Disaster

Canada flags decorated flowers at a tribute to those that perished in the derailment and crash of the Gloria funicular, a tourist streetcar that derailed and crashed, in Lisbon Friday, Sept. 5, 2025. 

Investigators have confirmed that a snapped connecting cable caused last week’s tragic Lisbon funicular crash, killing 16 people — including two Canadians — and injuring 21 others. The preliminary report from Portugal’s Office for Air and Rail Accident Investigations revealed that the two cabins of the historic Elevador da Glória lost their balancing force just six metres into the journey, sending one cabin accelerating uncontrollably down the steep track despite the brakeman’s efforts.

The second cabin veered off course, striking a building with devastating force. Victims included passengers from Portugal, the United Kingdom, South Korea, Canada, the United States, France, Switzerland, and Ukraine. Authorities noted that the cable had passed a visual inspection only hours before the accident, and two separate investigations are underway to determine why the failure occurred despite maintenance protocols being up to date.

The Elevador da Glória, in service since 1914, is one of Lisbon’s most iconic tourist attractions. The disaster has left the city in mourning and raised urgent questions about the safety of its historic transport systems.

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