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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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Escalating Gaza Strikes Coincide with Global Push for Palestinian Recognition

Relatives and supporters of Israeli hostages held in the Gaza Strip take part in a protest demanding their release from Hamas captivity and calling for an end to the war, outside the Old City of Jerusalem, Saturday, Sept. 20, 2025.

Israeli airstrikes on Gaza City overnight killed at least 14 people, according to Palestinian health officials, as the conflict intensifies amid mounting international pressure for a political resolution. The latest strikes hit residential areas, with reports that six members of one family were among the dead after their home was destroyed.

The Israeli military said its operations are aimed at dismantling Hamas’ military infrastructure, though aid groups warn the escalating bombardment is worsening an already dire humanitarian crisis. Gaza City, where famine conditions have been reported, has seen mass displacement, with Israel urging civilians to evacuate southward.

The violence comes as several Western nations prepare to formally recognize a Palestinian state at the upcoming United Nations General Assembly. Portugal announced it will officially recognize Palestine this Sunday, joining a growing list of countries—including the U.K., France, Canada, Australia, Malta, Belgium, and Luxembourg—expected to follow suit in the coming days.

Diplomats say the recognition push reflects growing frustration with the prolonged war, which has killed tens of thousands in Gaza and displaced nearly 90% of its population. However, with Israel vowing to continue its offensive for months, prospects for a ceasefire remain distant.


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