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Gas Prices Are Spiking Again — Here's How to Protect Your Wallet as the Iran Conflict Escalates

  Published July 20, 2026 If it feels like you're filling up more often for the same money lately, you're not imagining it. Oil markets jolted higher to start the week, and Canadian drivers are almost certain to see it at the pump in the next few days. What just happened Brent crude — the global benchmark that drives Canadian gas pricing — jumped nearly 4% on Monday to trade above US$90 a barrel, its highest level since mid-June, while U.S. West Texas Intermediate traded near US$84. The move came after the United States and Iran escalated hostilities over the weekend, including strikes on vessels attempting to transit the Strait of Hormuz and an attack on an oil facility in Kuwait. That strait matters enormously to your gas bill: roughly a fifth of the world's oil supply normally passes through it. When shipping through it slows or stalls, traders price in a "risk premium" almost immediately — and that shows up at Canadian pumps within days, not weeks. What it mea...
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Ship Attacked by Yemen’s Houthi Rebels Sinks in Red Sea: First Vessel Lost in Conflict

 

On Saturday, March 2, 2024, the Belize-flagged ship Rubymar met a tragic fate in the Red Sea. After days of battling the relentless onslaught of water, it succumbed to its watery grave, becoming the first vessel fully destroyed in the ongoing conflict.

The Rubymar had been drifting northward, a mere shadow of its former self, after being struck by a Houthi anti-ship ballistic missile on February 18. The attack occurred in the Bab el-Mandeb Strait, a crucial waterway that links the Red Sea and the Gulf of Aden. Yemen’s internationally recognized government, along with a regional military official, confirmed the ship’s tragic fate.

The sinking of the Rubymar reverberates far beyond its steel hull. As ships navigate the Red Sea, a vital artery for cargo and energy shipments between Asia, the Middle East, and Europe, the Houthi attacks have already disrupted maritime traffic. Many vessels have rerouted to avoid the danger zone. Now, with the Rubymar’s demise, further detours and higher insurance rates may plague the waterway, potentially impacting global inflation and aid shipments to the region.

The Rubymar carried a cargo of fertilizer, and fuel leaked from its battered frame. The U.S. military’s Central Command had previously warned that this combination could cause ecological damage to the Red Sea. Yemen’s exiled government, backed by a Saudi-led coalition since 2015, lamented the ship’s sinking as an “unprecedented environmental disaster.” Prime Minister Ahmed Awad Bin Mubarak expressed his anguish, stating, “It’s a new disaster for our country and our people.”

Curiously, the Iran-backed Houthis, who had initially claimed the ship sank almost instantly after the attack, remained silent about the Rubymar’s final plunge. Their lack of acknowledgment adds to the mystery surrounding this maritime tragedy.

The Rubymar’s fate serves as a stark reminder of the human and environmental toll exacted by conflict. As the waves close over its wreckage, the Red Sea bears witness to yet another chapter in a long and troubled history.

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