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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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Putin Warns Europe of Potential Gas Cut Amid Middle East Turmoil

 

Russia is signaling that it may halt natural gas supplies to Europe as energy markets reel from the escalating crisis in Iran. President Vladimir Putin warned that soaring oil and gas prices—driven by conflict involving Iran, the U.S., Israel, and Gulf states—have created conditions in which Moscow could redirect its fuel exports to more lucrative markets.

The turmoil has disrupted key energy routes, including shipping through the Strait of Hormuz, and forced shutdowns of major facilities such as Qatar’s LNG production and Saudi Arabia’s largest oil refinery. These disruptions have intensified global supply pressures, pushing prices sharply higher. 

Putin linked the potential cutoff to the European Union’s ongoing efforts to phase out Russian gas, including bans on new LNG contracts and a planned end to pipeline imports by 2027. With Europe moving away from Russian energy, he suggested that Russia could pivot toward buyers willing to pay premium prices, particularly in Asia. 

The warning underscores how geopolitical tensions in the Middle East are reshaping global energy flows and amplifying Europe’s vulnerability as it transitions away from Russian fuel.

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