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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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Spain Threatens Eurovision 2026 Boycott Over Israel’s Participation

 

Spain has announced it will withdraw from the 2026 Eurovision Song Contest if Israel is allowed to compete, becoming the first of the contest’s influential “Big Five” nations to take such a stance. The decision, approved by Spanish public broadcaster RTVE’s board with a clear majority, follows similar pledges from Ireland, the Netherlands, Slovenia, and Iceland amid growing calls to exclude Israel over its ongoing military campaign in Gaza.

Spanish Culture Minister Ernest Urtasun and Prime Minister Pedro Sánchez have both publicly urged the European Broadcasting Union (EBU) to bar Israel, arguing that cultural platforms should not “normalise” the conflict. The move adds pressure ahead of the EBU’s December General Assembly, where Israel’s eligibility will be debated.

Eurovision rules prohibit political content, but tensions over Israel’s participation have sparked protests, boos during performances, and boycotts in recent years. Unless the EBU changes course, Spain is prepared to sit out the 2026 contest in Vienna — a significant statement from a country that has competed every year since its debut in 1961.


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