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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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China’s Stance on NATO’s Accusations

In a recent statement, China has firmly opposed NATO’s characterization of the nation as a “decisive enabler” of Russia’s ongoing conflict in Ukraine. The Chinese Foreign Ministry spokesperson denounced NATO’s claims as unfounded and cautioned the alliance against instigating turmoil in Asia, similar to the chaos in Europe. China maintains that its trade relations with Russia are legitimate, conforming to World Trade Organization rules, and insists that its stance on the Ukraine issue is impartial and objective.

  • Rejection of NATO’s Claims: China rejects the notion of being an enabler of the war in Ukraine, emphasizing the legitimacy of its trade with Russia.
  • Warning Against Chaos: The spokesperson warned NATO not to transfer the chaos it created in Europe to the Asian region.
  • Call for Non-Interference: China urges NATO to refrain from meddling in its internal affairs and to stop smearing its image.
  • Defense of Trade Practices: The country defends its trade practices with Russia as reasonable and based on international rules.

China’s response comes as a rebuttal to NATO’s recent communique, which urged China to cease all material and political support to Russia’s war efforts. The exchange highlights the growing tensions between China and NATO amidst the backdrop of the Ukraine conflict.



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