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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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Yemen’s Houthi rebels suspected of attacking ship in Gulf of Aden

 

A ship sailing in the Gulf of Aden was hit by a missile on Monday, less than a day after Yemen’s Houthi rebels fired an anti-ship cruise missile toward an American destroyer in the Red Sea, officials said.

The attack on the ship, which occurred about 110 miles southeast of Aden, was reported by the United Kingdom Maritime Trade Operations, which oversees Mideast waters. The ship’s captain said the missile struck the port side of the vessel from above, but did not provide any further details.

The identity of the ship and its crew was not immediately disclosed, nor was the extent of the damage or any casualties.

The Houthi rebels, who are backed by Iran and control Yemen’s capital, have not claimed responsibility for the attack, but they have previously targeted shipping in the Gulf of Aden and the Red Sea amid Israel’s war with Hamas in the Gaza Strip.

The Houthis have said they are defending themselves against the Saudi-led coalition that has been bombing them since 2015, after they ousted the internationally recognized government of Yemen.

The U.S. and its allies have accused the Houthis of disrupting the free flow of international commerce and threatening regional stability. President Joe Biden has warned that he will not hesitate to take further measures to protect U.S. interests and allies in the area.

The attack on the ship came as the U.N. Security Council was meeting to discuss the situation in Yemen and the humanitarian crisis caused by the war, which has killed over 100,000 people and pushed millions to the brink of famine.



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