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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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Canada Ends Work Permit Applications for Visitors

 

Effective August 28, 2024, visitors to Canada can no longer apply for work permits from within the country. This abrupt policy change by Immigration, Refugees and Citizenship Canada (IRCC) aims to manage the number of temporary residents and maintain the integrity of the immigration system.

The policy, initially set to expire on February 28, 2025, was terminated ahead of schedule due to concerns about abuse and the need to streamline the immigration process. Visitors who had previously been able to apply for work permits without leaving Canada must now explore alternative routes to work legally in the country.

This change underscores the government’s commitment to tightening immigration rules and addressing issues related to temporary foreign workers.


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