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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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European Powers Reject U.S. Call for Military Role in Strait of Hormuz

 

                                            Tankers sit anchored in Muscat, Oman amid the conflict


European resistance to U.S. calls for military involvement in the Strait of Hormuz is growing, with Greece, Spain, Germany, and Italy all publicly rejecting participation. Their stance underscores a widening divide between Washington and key European partners over the legality and strategic wisdom of the U.S.-Israeli conflict with Iran.

A group of major European nations—Greece, Spain, Germany, and Italy—has firmly declined to join U.S.-led military operations in the Strait of Hormuz, a critical global shipping route currently strained by conflict.

Greece

  • Greece announced it will not engage in military operations in the Strait.
  • Officials clarified that Greece will only participate in the EU’s naval mission “Aspides”, focused on protecting ships in the Red Sea, not Hormuz.

Spain

  • Spain rejected involvement, citing its view that the U.S.-Israeli war on Iran is illegal.
  • The government has also barred U.S. aircraft involved in the conflict from using jointly operated bases in southern Spain. 

Germany & Italy

  • Both countries have similarly ruled out military intervention, emphasizing that the conflict is not a NATO mission and distancing themselves from Washington’s call for support. 

A Growing Transatlantic Divide

The unified refusal signals a broader European reluctance to escalate military involvement in Middle Eastern conflicts—especially those perceived as lacking international legal backing. It also highlights Europe’s preference for EU-coordinated missions over unilateral U.S.-led operations.


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