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Oil Just Hit $110 — Could Canada's Energy Boom Offset the Tariff Pain?

  Published September 13, 2026 · 6 min read Brent crude touched nearly $110 US a barrel when trading opened Friday morning — its highest level since the spring — as renewed Iran-linked strikes on Saudi energy infrastructure rattled global supply. It settled back down to close the week around $104.61, but the direction of travel has been unmistakable: oil is up roughly 9-10% in the past week alone. That's bad news at the pump. But according to a CBC News analysis published this morning, it might not be bad news for Canada's economy overall. The argument: the roughly 0.5% hit to GDP from Trump's tariffs could be more than offset by the windfall Canada earns as one of the world's biggest oil exporters. For a personal finance reader, that's really two separate stories — one that costs you money, and one that might be quietly making some of your money back. Here's how to think about both sides of your own ledger. Why oil is spiking again The latest leg up traces to ...
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Britain Greenlights Military Action Against Russia’s Shadow Fleet

A French navy boat surrounds the GRINCH oil tanker, intercepted by France in the Alboran Sea on suspicion of operating under a false flag and belonging to Russia's shadow fleet, near Martigues, France.


UK Steps Up Pressure on Russian Oil Exports

British Prime Minister Keir Starmer has authorised the UK military to board and detain Russian “shadow fleet” tankers, marking the country’s most assertive move yet to disrupt Moscow’s sanctions‑evading oil trade. 

The decision aligns Britain with several European nations—including France, Belgium, and Sweden—that have intensified efforts to intercept tankers believed to be helping Russia fund its ongoing war in Ukraine. Starmer said the move was driven in part by rising global oil prices amid the U.S.-Israel conflict with Iran, suggesting Russian President Vladimir Putin was “rubbing his hands” at the market turmoil.

What the Authorization Means

  • UK forces can now board Russian vessels in British waters if they refuse to surrender, are armed, or use advanced surveillance to evade capture.
  • Criminal proceedings may follow for ship owners, operators, or crew found violating sanctions. 
  • The policy may force Russian tankers to avoid the English Channel, increasing travel distances and costs for Moscow’s oil shipments. 

Broader Context

Russia’s shadow fleet—hundreds of tankers with opaque ownership and often poor safety standards—has been crucial in keeping its oil exports flowing despite Western sanctions. Britain has already sanctioned 544 such vessels, which carry an estimated three‑quarters of Russia’s crude oil. 

Starmer will push for greater international coordination on seizing these vessels at the Joint Expeditionary Force Summit in Helsinki, underscoring the UK’s intent to tighten the economic squeeze on Moscow.


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