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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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U.S. Escalates Clash with ICC Over Netanyahu Indictment

 


The United States is weighing sweeping sanctions against the International Criminal Court (ICC) following its indictment of Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant for alleged war crimes during the Gaza conflict.

According to diplomatic sources, Washington is considering “entity sanctions” that would target the court as a whole—an unprecedented move that could disrupt its daily operations, from paying staff to accessing banking services and software. The ICC has already held emergency meetings, and staff reportedly received salaries in advance to prepare for potential financial blockades.

The Biden administration has previously sanctioned individual ICC officials, but expanding measures to the institution itself would mark a dramatic escalation. A U.S. State Department spokesperson accused the court of overstepping its jurisdiction and warned that further steps would be taken to protect American and Israeli personnel.

Meanwhile, ICC member states are expected to push back at the United Nations, arguing that such sanctions undermine international justice. Still, U.S. officials insist the court poses a national security threat, framing the move as a defense of sovereignty and allied interests.


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