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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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Canada Quietly Lays Groundwork for Golden Dome Defense Initiative

The Golden Dome, a yet-to-be-built air defence system, was first proposed by Trump earlier this year, and would use a network of radar, sensors and weapons to protect North America from attacks.

Canada has been preparing for years to align with the United States on the ambitious Golden Dome missile defense system, according to Major-General J.D. Smyth, Canada’s top NORAD air defence commander.

Speaking recently, Smyth emphasized that Canada’s modernization of its Arctic defences and North American Aerospace Defense Command (NORAD) infrastructure has been deliberately structured to support a system like Golden Dome. The U.S.-led initiative, inspired by Israel’s Iron Dome, aims to create a multi-layered shield against drones, hypersonic weapons, and nuclear-capable missiles.

Although Ottawa has not formally committed to the project, Smyth noted that Canada’s nearly $40-billion investment in radar, command-and-control systems, and interceptor capabilities is already laying the foundation for integration. He stressed that the shared geography of the Arctic makes bilateral cooperation essential, particularly as global conflicts and advanced weaponry reshape the threat landscape.

While supporters frame Golden Dome as a bold step toward continental security, critics warn of its high costs, technical uncertainties, and the potential to escalate tensions with nuclear-armed rivals. For Canada, the decision represents a pivotal moment: whether to deepen its role in U.S. missile defense or maintain its long-standing caution toward such programs.



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