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The Middle East oil shock

Oil is sold on a world market, so Canadian refiners pay the world price. No official negotiations to end the war are under way.

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Claims from: US oil closes above US$100 a barrel · Show all story claims

Two figures appeared within a day of each other in September 2026. The US Congressional Budget Office said the war would leave US inflation 0.5 percentage points higher in early 2027 than its February 2026 projection. Statistics Canada said gasoline cost 22.8 per cent more in August than a year earlier. Which is a sound reading of the pair?

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