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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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Hezbollah Supports Ceasefire Efforts in Lebanon, Deputy Leader Says

 


In a recent statement, Hezbollah’s deputy leader, Naim Qassem, expressed the group’s support for ongoing efforts to establish a ceasefire in Lebanon. This comes after two weeks of intense Israeli airstrikes that have resulted in significant casualties and destruction.

Qassem highlighted the political efforts led by Lebanese Parliament Speaker Nabih Berri, emphasizing Hezbollah’s backing of these initiatives. He noted that while the group remains resilient and capable despite the heavy bombardment, a ceasefire is crucial for moving forward.

The deputy leader’s comments mark a significant moment in the conflict, as Hezbollah continues to engage in cross-border clashes with Israel. The group’s support for a ceasefire could pave the way for diplomatic resolutions and a reduction in hostilities.





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