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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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Rubio Navigates Diplomatic Tightrope Between Qatar and Israel Amid Gaza Tensions

                                     U.S. Secretary of State Marco Rubio in Quito, Ecuador, on Thursday.

U.S. Secretary of State Marco Rubio met with Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani in Washington on Friday, just days before embarking on a two-day visit to Israel. The meetings come at a sensitive moment, following Israel’s recent strike on Hamas leaders in Doha — an attack that has strained relations between two key U.S. allies and complicated ongoing ceasefire negotiations in Gaza.

Qatar, a central mediator in the nearly two-year-old Israel-Hamas conflict, condemned the strike but vowed to continue diplomatic efforts to halt the fighting and secure the release of hostages. President Donald Trump has distanced himself from the attack, calling it counterproductive, while reaffirming U.S. support for Israel’s security.

In Israel, Rubio is expected to meet with senior leaders, visit contested sites in East Jerusalem, and hold talks with families of hostages still held in Gaza. His trip underscores Washington’s attempt to maintain strong ties with both nations while navigating deep divisions over the war, the future of Gaza, and the push for recognition of a Palestinian state.


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