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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 Crosses Party Lines to Back Cuomo, Warns of Funding Cuts if Mamdani Wins NYC Mayoral Race

Democratic candidate for New York City mayor, Zohran Mamdani, speaks during a campaign rally on the eve of election day, in the Queens borough of New York City.

In a dramatic twist to New York City’s mayoral race, President Donald Trump has endorsed former Governor Andrew Cuomo, despite their long history of political rivalry. The endorsement, delivered just hours before Election Day, is aimed at blocking Democratic socialist candidate Zohran Mamdani, who currently leads in the polls.

Trump labeled Mamdani a “communist” and warned that a Mamdani victory would jeopardize federal support for the city. In a fiery statement, he declared that if Mamdani wins, New York would receive only the “bare minimum” of federal funds required by law, adding that the city would face “zero chance of success, or even survival” under his leadership.

Cuomo, who is running as an independent after losing the Democratic primary to Mamdani, has positioned himself as a centrist alternative. Trump’s endorsement, however, has sparked debate over whether it will help Cuomo gain momentum or alienate voters in the heavily Democratic city. Some analysts suggest that Trump’s intervention could backfire, energizing Mamdani’s progressive base, while others argue it may consolidate moderate and conservative support behind Cuomo.

The Republican candidate, Curtis Sliwa, has trailed far behind in polling, leaving the contest effectively a showdown between Cuomo and Mamdani. With Trump’s last-minute move, the race has become a national flashpoint, reflecting broader tensions within the Democratic Party and the country’s polarized political climate.

As New Yorkers head to the polls, the question remains whether Trump’s gamble will reshape the outcome—or further entrench Mamdani’s appeal as the anti-establishment favorite.


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