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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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Bank of Canada Poised for Another Interest Rate Cut

 

The Bank of Canada (BoC) is widely expected to announce another interest rate cut today, with forecasters leaning towards a half-percentage point reduction. This move would bring the BoC's key rate down to 3.25%, marking the fifth consecutive rate cut since June.

The decision follows the November labour force survey, which showed the unemployment rate rising to 6.8%. The central bank had previously lowered its benchmark interest rate by half a percentage point in October in response to inflation returning to its two percent target.

Governor Tiff Macklem has emphasized that the decision will be data-dependent, and the recent economic indicators have solidified expectations for another significant cut.

The BoC's efforts to manage inflation and support economic growth have been closely watched by market analysts and economists, who are keen to see how these measures will impact the Canadian economy moving forward.




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