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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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Premarket: Nasdaq and S&P 500 Poised for a Dip After Record Highs



The S&P 500 and the Nasdaq are expected to open lower today, following robust gains in the previous session. Investors celebrated the Federal Reserve’s commitment to its rate-easing stance, eagerly awaiting commentary from Chair Jerome Powell later in the day.

Market Highlights:

  • Record Highs: All three major U.S. indexes achieved fresh record closing highs on Thursday. Chip stocks rallied after Micron Technology’s optimistic forecast, and the Fed signaled its intention to proceed with three interest-rate cuts this year.
  • Rate Cut Expectations: Traders now anticipate a 70% chance of the first rate cut occurring in June, up from 56% earlier this week, according to the CME’s FedWatch Tool.
  • Bull Market Momentum: Policymakers’ commitment to summer rate cuts and limited bond yield recovery has injected fresh impetus into the bull market, according to Raffi Boyadjian, lead investment analyst at XM.
  • Dow’s Milestone: The blue-chip Dow index ended Thursday less than 1% away from the historic 40,000-mark for the first time.
  • Weekly Performance: Both the S&P 500 and the Dow are on track for their best weekly performance so far this year. Meanwhile, the tech-heavy Nasdaq is set to notch its best week since mid-January.

Pre-Market Numbers:

  • At 08:21 a.m. ET:
    • Dow e-minis were up 4 points (0.01%).
    • S&P 500 e-minis were down 5.25 points (0.1%).
    • Nasdaq 100 e-minis were down 48.25 points (0.26%).
  • Most rate-sensitive megacap growth and technology stocks eased in premarket trading.
    • Tesla led losses, down 4.0%, following a report of reduced car production at its China plant.
    • Nike fell after a disappointing revenue forecast.
    • Lululemon Athletica also forecasted lower revenue and profit.
    • Reddit (RDDT.N) lost 2.3% a day after its strong market debut.
    • FedEx jumped 11.5% after beating Wall Street expectations for quarterly profit.

As we await further cues from central bankers, the market remains dynamic and full of surprises. Keep an eye on earnings reports and policy updates as we navigate this exciting landscape.


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