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How the Strait of Hormuz Crisis Is Hitting Your Wallet Right Now

Published May 17, 2026  |  Category: Oil Prices & Energy  |  By MoneySavings.ca If you've winced lately at the gas pump or noticed your grocery bill creeping up, you're not imagining it. A geopolitical crisis unfolding halfway around the world — at a narrow strip of water between Iran and Oman — is directly squeezing Canadian budgets. Here's everything you need to know, and what you can do about it. What Is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway just 33 kilometres wide at its tightest point, connecting the Persian Gulf to the open ocean. Despite its modest size, it is the world's single most critical energy chokepoint. Before this crisis, roughly 20 million barrels of oil moved through it every single day — about 20% of all the world's seaborne oil supply, plus significant volumes of liquefied natural gas (LNG). Think of it as the world's energy jugular vein. When it gets blocked, the entire planet feels it. What Happened? On Februa...
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Japan’s Nikkei 225 Index Hits New Record Close of 40,913.65

Japan’s benchmark Nikkei 225 surged Thursday to a record close of 40,913.65, leading markets in most of Asia higher. The index gained 0.8%, buoyed by heavy buying of technology and export-oriented shares. Investors worldwide are keen to see the Federal Reserve cut rates that it has been keeping at two-decade highs to slow growth and tame inflation, and hopes have been reviving that price pressures are easing enough to make that possible.

The Nikkei 225’s all-time high during intraday trading is 41,087.75, set on March 22. Its previous record close was 40,888.43, also set on March 22. Investors have piled into the Japanese market partly due to the cheapness of the Japanese yen, which is trading at 34-year lows against the dollar. A weak yen tends to push the profits of exporters higher when they are repatriated to Japan.

The Nikkei 225 index has gained 22.4% so far this year. It surged in the late 1980s during Japan’s bubble economy, when asset prices soared, but collapsed when that financial bubble imploded in early 1990 after hitting its earlier record of 38,915.87.

Elsewhere in Asia, Hong Kong’s Hang Seng recovered from early losses, rising 0.2% to 18,018.72, and the Shanghai Composite index shed 0.8% to 2,957.57. Taiwan’s Taiex jumped 1.5% as chip maker and market heavyweight Taiwan Semiconductor Manufacturing Corp. gained 2.7%. In Australia, the S&P/ASX 200 surged 1.2% to 7,831.80, while the Kospi in Seoul advanced 1.1% to 2,824.94. Bangkok’s SET jumped 0.9%.

On Wednesday, U.S. stocks kept rising in a holiday-shortened session after weak reports on the economy kept the door open for possible cuts to interest rates. U.S. markets were closed Thursday for the Independence Day holiday. The S&P 500 rose 0.5% to set an all-time high for a second straight day and for the 33rd time this year. The Dow Jones Industrial Average dipped 0.1% to 39,308.00, and the Nasdaq composite gained 0.9% to 18,188.30. Tesla again helped boost the market and rose 6.5% a day after reporting a milder drop in sales for the spring than analysts feared.


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