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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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Hamas Sticks to Demand for Gaza Truce Deal Implementation

 

 Amid ongoing conflict, Hamas remains steadfast in its position regarding Gaza truce talks. The Palestinian militant group insists that negotiations should focus on a deal already discussed with Israel and mediators, rather than starting anew. Israeli airstrikes, which recently claimed the lives of at least 19 Palestinians in the enclave, have intensified the urgency for a resolution.

The United States expressed optimism that peace talks scheduled for Thursday would proceed as planned, emphasizing the possibility of a ceasefire agreement. U.S. Secretary of State Antony Blinken is set to engage in discussions in Qatar, Egypt, and Israel. While the Israeli government confirmed its delegation’s participation, Hamas seeks a workable plan to implement a proposal it has already accepted, rather than engaging in further talks.

In the densely populated Deir Al-Balah, where many are desperate for a truce, Israeli airstrikes continue to exact a heavy toll. The conflict, now spanning 10 months, has resulted in nearly 40,000 Palestinian deaths, including commanders and fighters. A potential ceasefire deal aims to end hostilities in Gaza and secure the release of Israeli hostages held by Hamas in exchange for Palestinian prisoners in Israeli custody.

However, Israeli Prime Minister Benjamin Netanyahu maintains that the war can only end when Hamas is eradicated. As the situation remains tense, the international community watches closely, urging a swift resolution to prevent further loss of life.


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