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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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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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