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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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Former Soccer Star Mikheil Kavelashvili Elected President of Georgia, Sparking Concerns Over EU Aspiration

 

In a significant political shift, former soccer player Mikheil Kavelashvili has been elected as the President of Georgia. This development has raised concerns about the country's future relationship with the European Union. Kavelashvili, 53, secured the presidency with the backing of the ruling Georgian Dream party, which holds a strong influence over the 300-seat electoral college that replaced direct presidential elections in 2017.

The election outcome is seen by many as a setback for Georgia's EU aspirations. The opposition has accused the Georgian Dream party of rigging the vote with Moscow's assistance, further straining the country's political landscape. Critics argue that the ruling party's policies are increasingly authoritarian and pro-Russian, which could hinder Georgia's efforts to integrate with the European Union.

Outgoing President Salome Zourabichvili, a pro-Western leader, has vowed to remain in office until a new election is held, citing the lack of legitimacy in the current parliamentary setup. The political turmoil has led to widespread protests and calls for new elections under conditions that ensure the will of the people is accurately represented.

Kavelashvili's presidency marks a pivotal moment for Georgia, as the nation navigates its path between European integration and maintaining relations with Russia. The coming months will be crucial in determining the direction of Georgia's political and international future.

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