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Oil Just Hit $110 — Could Canada's Energy Boom Offset the Tariff Pain?

  Published September 13, 2026 · 6 min read Brent crude touched nearly $110 US a barrel when trading opened Friday morning — its highest level since the spring — as renewed Iran-linked strikes on Saudi energy infrastructure rattled global supply. It settled back down to close the week around $104.61, but the direction of travel has been unmistakable: oil is up roughly 9-10% in the past week alone. That's bad news at the pump. But according to a CBC News analysis published this morning, it might not be bad news for Canada's economy overall. The argument: the roughly 0.5% hit to GDP from Trump's tariffs could be more than offset by the windfall Canada earns as one of the world's biggest oil exporters. For a personal finance reader, that's really two separate stories — one that costs you money, and one that might be quietly making some of your money back. Here's how to think about both sides of your own ledger. Why oil is spiking again The latest leg up traces to ...
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UK Scrambles to Contain Market Turmoil as Iran Conflict Escalates

 

                       Keir Starmer speaks during Prime Minister's Questions at the House of Commons in London


Prime Minister Keir Starmer has convened an emergency COBRA meeting as the economic fallout from the escalating Iran conflict intensifies. The move comes after sharp declines in UK financial markets, with government borrowing costs surging to their highest levels since the 2008 global financial crisis. 

The conflict has rattled global markets, particularly after Iran warned it may target the energy and water infrastructure of Gulf nations if the United States follows through on threats to strike Iran’s electricity grid. Investors reacted swiftly, pushing British bonds into a steeper decline than those of international peers, reflecting the UK’s vulnerability due to high inflation, heavy reliance on imported natural gas, and already‑strained public finances. 

Starmer has instructed officials to examine “every lever” available to stabilize the economy as oil and gas prices continue to surge, raising fears of renewed inflation and recessionary pressure. The FTSE 100 has already fallen more than 11% since late February, erasing all gains made earlier in the year. 

Senior ministers, including Finance Minister Rachel Reeves and Bank of England Governor Andrew Bailey, are expected to attend the meeting as the government prepares for what could be another turbulent week in global markets. 


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