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5 Things to Know Today: BoC Minutes, U.S. CPI and Cheaper Gas (Nov. 8, 2026)

  Canadian Money Brief • Sunday, November 8, 2026 Markets are closed until Monday, but the week ahead is loaded: two Bank of Canada releases, a key U.S. inflation report and some welcome relief at the pump. Here are five things to know today, and what each means for your wallet. 1. Two Bank of Canada releases land early this week The Bank of Canada publishes its Q3 Market Participants Survey Monday at 10:30 a.m. ET, then the summary of deliberations behind its Oct. 28 rate decision Tuesday at 1:30 p.m. ET. The Bank raised its policy rate 25 basis points to 2.50% that day, its first hike since July 2023, and signalled more tightening was possible if energy costs spill into broader prices. The minutes were written before the post-midterm oil drop, so watch how hawkish the tone is. What it means for you: If you have a variable-rate mortgage or a HELOC, the minutes help show whether another hike is on the table at the next decision on Dec. 9. A hawkish read keeps pressure on borrowin...
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Tanker Blaze Near Dubai Escalates Gulf Tensions Amid U.S.–Iran Standoff

The Al-Salmi (above) may not have been the intended target. Iran’s Revolutionary Guards said they had targeted a container ship in the Gulf. But they appeared to be referring to the Singapore-flagged Haiphong Express. 

A fully loaded crude oil tanker was set ablaze off the coast of Dubai after an attack attributed to Iran, intensifying already severe regional tensions following warnings from U.S. President Donald Trump. The Kuwait‑flagged vessel, Al‑Salmi, caught fire after a drone strike, though authorities in Dubai later confirmed the blaze had been contained with no injuries reported. 

The tanker, carrying nearly two million barrels of crude oil, may have been struck in a case of mistaken identity, as Iran’s Revolutionary Guards claimed they were targeting a nearby container ship with alleged Israeli ties. The attack is the latest in a series of assaults on merchant vessels in the Strait of Hormuz since late February, a period marked by escalating conflict involving the U.S., Israel, and Iran. 

Oil prices briefly spiked following the incident, reflecting global market anxiety as the month‑long conflict continues to disrupt energy supplies and raise fears of broader economic fallout. Diplomatic efforts are underway, with Pakistan and China urging de‑escalation, though Iran has dismissed recent U.S. peace proposals as unrealistic. 

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