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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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Regional Conflict Escalates as Israeli Strikes Intensify Across Iran and Lebanon

            Smoke rises following an Israeli airstrike in the Dahiyeh area of Beirut, Thursday, March 5, 2026. 



Israeli airstrikes have sharply intensified across Iran and Lebanon, marking one of the most volatile escalations in the region in years. According to multiple reports, Israeli forces launched broad-scale strikes on the capitals of both countries, while the United States simultaneously targeted an Iranian drone carrier at sea, signaling a coordinated surge in military pressure.

Iran responded with new retaliatory attacks early Friday, firing missiles and drones toward neighboring states that host U.S. forces. The exchange comes at the end of a full week of bombardment that has destabilized multiple fronts across the Middle East. U.S. Defense Secretary Pete Hegseth warned that the bombardment is “about to surge dramatically,” underscoring Washington’s expectation of further escalation. 

Israeli officials claim that much of Iran’s air-defense infrastructure and missile launch systems have already been destroyed, though independent verification remains limited. Meanwhile, smoke and destruction were reported in central Tehran and Beirut as civilians sought shelter from the ongoing strikes. With no signs of de-escalation, regional tensions continue to mount, raising concerns about a broader conflict drawing in additional actors. 

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