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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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U.S. Intelligence Chair Urges Canada to Boost Defense Spending: "You're Already Past Due"

 

The chair of the U.S. House Intelligence Committee has issued a sharp call to Canada, urging the nation to increase its defense spending to meet NATO commitments. Speaking during a high-profile visit to Ottawa, the chair emphasized the importance of Canada's role in collective security, particularly amid rising global threats.

“Canada has been a steadfast ally, but in terms of defense spending, you're already past due,” the U.S. official stated, referencing NATO’s guideline that member states allocate at least 2% of their GDP to defense. Currently, Canada falls significantly short of that target, drawing criticism from some allies.

The plea comes as tensions escalate globally, with NATO facing challenges from Russia’s war in Ukraine and emerging threats in the Indo-Pacific. U.S. officials have stressed that a stronger Canadian defense budget would enhance both regional stability and the alliance’s collective strength.

In response, Canadian officials acknowledged the concerns but highlighted recent investments in military modernization, including plans to upgrade NORAD and acquire new fighter jets. Critics within Canada argue, however, that the pace of these efforts remains too slow to meet current demands.

As pressure mounts, the debate over Canada’s defense spending is expected to intensify in political and public forums.


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