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U.S.–Iran Strikes Escalate: What It Means for Your Gas Bill and Savings

  ⚡ BREAKING · MAY 8, 2026 By MoneySavings.ca Editorial Team   |  May 8, 2026  |  5 min read The Strait of Hormuz, photographed from space. Approximately 20% of the world's oil supply passes through this narrow waterway. (Image: NASA / Public Domain) American warships were attacked in the Strait of Hormuz on May 7, 2026 — and the U.S. military fired back hard, striking Iranian ports at Qeshm and Bandar Abbas. For Canadians, this isn't just a distant war story. It's a pocketbook issue. 20% of global oil transits the Strait of Hormuz every day $94 projected WTI crude price per barrel if closure continues (CEPR, 2026) 5% of normal shipping traffic still moving through the Strait What Happened — and When The crisis didn't begin overnight. On February 28, 2026, the United States and Israel launched coordinated strikes against Iran, targeting nuclear infrastructure and senior military leadership — including Supreme Leader Ali Khamenei, who was killed in the strik...
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Canada’s Annual Inflation Rate Rose to 3.4% in December 2023

 

According to the latest report from Statistics Canada, the annual inflation rate in Canada rose to 3.4% in December 2023. This is an increase from the previous month’s rate of 3.1%.

The rise was expected due to a sharper decline in gasoline prices in December 2023 compared to last month. Grocery prices were up 4.7% from a year ago, matching the pace of increase in November. With December marking the last month of the year, Statistics Canada says the annual average inflation rate for 2023 was 3.9%, down from a 40-year high of 6.8% in 2022.


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