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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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Trump Halts Canada Trade Talks After Ontario’s Anti-Tariff Ad Sparks Outrage

Canadian Prime Minister Mark Carney and President Donald Trump at the Middle East Peace Summit in Egypt on Oct. 13.



U.S. President Donald Trump announced late Thursday that he is terminating all trade negotiations with Canada, citing an Ontario government advertisement that used the words of former president Ronald Reagan to criticize tariffs.

The ad, which aired on several American networks, featured Reagan’s 1987 remarks warning that tariffs “hurt every American worker and consumer.” Trump denounced the campaign as “fraudulent” and “fake,” claiming it was designed to interfere with ongoing U.S. Supreme Court deliberations over his tariff policies.

“Tariffs are very important to the national security, and economy, of the U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on his Truth Social platform.

Ontario Premier Doug Ford defended the ad, saying it highlighted the risks of tariffs to both American and Canadian jobs. Meanwhile, Canadian Prime Minister Mark Carney has pledged to expand trade with other global partners in response to escalating U.S. restrictions.

The abrupt move adds fresh strain to an already tense economic relationship, with industries on both sides of the border bracing for further uncertainty.


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