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Ottawa's Parliament Hill, where the Carney government is rolling out Canada's largest fiscal stimulus package since 1980. / Photo: Unsplash. MoneySavings.ca  ·  Economy & Policy Monday, April 13, 2026  ·  Daily Edition Canada at a crossroads: oil shock, frozen rates, and a trade deal on the clock Canada's economy is navigating a uniquely complicated moment in 2026. A Middle East conflict has sent oil prices surging past US$104 a barrel, a once-in-a-generation fiscal stimulus package is being rolled out in Ottawa, and the clock is ticking on a renegotiation of Canada's most important trade agreement. For everyday Canadians, this means uncertainty at the gas pump, a central bank with limited room to cut rates, and a federal government betting big on public spending to kick-start growth. Here is what you need to know about the forces shaping the Canadian economy right now. 1. The Bank of Canada is stuck — and oil is why The Bank of Canada has held it...
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Escalating Conflict Disrupts Global Oil Stability

 

A tanker is damaged after catching fire in Iraqi waters following an attack, according to Iraqi port officials, near Basra, Iraq on Thursday.


Two oil tankers were set ablaze in Iraqi waters after suspected Iranian explosive-laden boats struck the vessels, marking a sharp escalation in regional hostilities and raising fears of a prolonged economic shock. 

Regional Impact and Global Stakes

  • Iran’s Strategy: The attacks appear to be part of a broader campaign targeting oil and transport infrastructure across the Middle East, signaling Iran’s intent to pressure global markets and challenge U.S. claims of strategic dominance. 
  • Economic Shockwaves: Oil prices surged above £100 a barrel following the strikes, with Iran warning the world to prepare for prices potentially reaching $200 a barrel. Such volatility threatens to ripple through global supply chains and energy markets. 
  • Casualties and Damage: At least one crew member was killed, and multiple vessels have been hit in recent weeks, underscoring the growing danger to maritime operations in the region. 

A Conflict Far From Contained

The attacks come amid a broader U.S.-Israeli conflict with Iran, with nearly two weeks of hostilities resulting in thousands of casualties and widespread infrastructure damage. As tensions continue to rise, the risk of further disruptions to global oil supplies remains high. 


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