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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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Rising Tensions as Trump Issues 48‑Hour Ultimatum to Iran Over Strait of Hormuz

 

Cargo ships in the Gulf, near the Strait of Hormuz, as seen from northern Ras al-Khaimah, near the border with Oman’s Musandam governance.


The geopolitical standoff in the Middle East intensified after President Donald Trump warned Iran that the United States would “obliterate” its power plants if the Strait of Hormuz is not fully reopened within 48 hours. 

Escalation Amid Regional Conflict

Trump’s ultimatum, delivered via a Truth Social post, comes as the U.S.–Israel war with Iran enters its fourth week. The president demanded unrestricted passage through the Strait of Hormuz, a vital global oil chokepoint, after Iran restricted access to vessels it considers linked to “enemy” nations. 

Iran’s Response

Iranian officials insisted the strait remains open to all but “enemy-linked ships,” while warning that any U.S. attack would trigger retaliation against American energy and technology infrastructure across the region.

Global Impact

The threat has already rattled global markets, sending oil prices soaring and stock markets tumbling as uncertainty grows over the stability of one of the world’s most critical maritime routes. 

If the situation continues to escalate, the Strait of Hormuz could become the flashpoint for a broader regional conflict with far‑reaching economic and security consequences.

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