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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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US Military Strikes Another Houthi-Controlled Site After Warning Ships to Avoid Parts of Red Sea


The U.S. military early Saturday struck another Houthi-controlled site in Yemen that it had determined was putting commercial vessels in the Red Sea at risk, a day after the U.S. and Britain launched multiple airstrikes targeting Houthi rebels. 

The latest strike came after the U.S. Navy on Friday warned American-flagged vessels to steer clear of areas around Yemen in the Red Sea and the Gulf of Aden for the next 72 hours after the initial airstrikes. The warning came as Yemen’s Houthis vowed retaliation, further raising the prospect of a wider conflict in a region already beset by Israel’s war in Gaza.

The U.S.-led bombardment came in response to a recent campaign of drone and missile attacks on commercial ships in the vital Red Sea. It killed at least five people and wounded six, the Houthis said. The U.S. said the strikes, in two waves, took aim at targets in 28 different locations across Houthi-controlled areas of Yemen.

President Joe Biden had warned Friday that the Iranian-backed Houthis could face further strikes. U.S. military and White House officials said they expected the Houthis to try to strike back.


 

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