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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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Israel Claims Ceasefire Violation, Fires on Southern Lebanon

 

Just hours after a ceasefire between Israel and Hezbollah took effect, Israel has accused Hezbollah of violating the truce and responded with tank fire on six areas in southern Lebanon. The ceasefire, brokered by the United States and France, was intended to halt over a year of hostilities and allow displaced residents to return to their homes.

The Israeli military reported that several suspects, some in vehicles, were identified in the southern zone, breaching the conditions of the ceasefire. In response, Israeli tanks fired on the areas of Markaba, Wazzani, Kfarchouba, Khiyam, Taybe, and the agricultural plains around Marjayoun. Two people were reportedly injured in Markaba.

Hezbollah lawmaker Hassan Fadlallah accused Israel of attacking civilians returning to their villages. The situation remains tense as both sides monitor the ceasefire's implementation, with Israeli forces still stationed in southern Lebanon and surveillance drones flying over the area.



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