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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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Fierce Snow Squalls Slam Region with More Accumulation


Residents across southern Ontario are bracing for another round of dangerous snow squalls on Monday, with forecasters warning of an additional 10–15+ cm of accumulation.

Key Details

  • Heavy bursts of snow: Squalls are expected to reduce visibility to near zero at times, making travel treacherous.
  • Rapid accumulation: The additional snowfall will pile onto what has already fallen, creating hazardous road conditions.
  • Wind gusts: Strong winds will intensify the squalls, blowing and drifting snow across highways and rural routes.
  • Travel advisory: Authorities urge drivers to avoid unnecessary travel and prepare for sudden whiteout conditions.

Impact

The combination of heavy snow and gusty winds is likely to disrupt commutes, delay transit, and increase the risk of collisions. Local officials are reminding residents to keep emergency kits in vehicles and to check weather updates frequently.


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