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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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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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