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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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Israel Accused of Using White Phosphorus on Residential Buildings in Lebanon

 

A global human rights group has accused Israel of using white phosphorus incendiary shells on residential buildings in at least five towns and villages in conflict-hit southern Lebanon. The report, published by Human Rights Watch (HRW), raises concerns about potential harm to civilians and violations of international law.

White phosphorus is a controversial substance that can set buildings on fire and burn human flesh down to the bone. Survivors face risks of infections and organ or respiratory failure, even from small burns. While Israel maintains that it uses white phosphorus only as a smokescreen and not to target civilians, the evidence suggests otherwise.

The HRW report includes interviews with residents in conflict-hit southern Lebanon and verifies images showing white phosphorus shells landing on residential buildings. The Lebanese Health Ministry reports that at least 173 people have required medical care after exposure to white phosphorus.

This recent use of white phosphorus in Lebanon should prompt other countries to take action. HRW calls on the Lebanese government to allow the International Criminal Court to investigate and prosecute “grave international crimes” within Lebanon since October 2023.


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