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How the Strait of Hormuz Crisis Is Hitting Your Wallet Right Now

Published May 17, 2026  |  Category: Oil Prices & Energy  |  By MoneySavings.ca If you've winced lately at the gas pump or noticed your grocery bill creeping up, you're not imagining it. A geopolitical crisis unfolding halfway around the world — at a narrow strip of water between Iran and Oman — is directly squeezing Canadian budgets. Here's everything you need to know, and what you can do about it. What Is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway just 33 kilometres wide at its tightest point, connecting the Persian Gulf to the open ocean. Despite its modest size, it is the world's single most critical energy chokepoint. Before this crisis, roughly 20 million barrels of oil moved through it every single day — about 20% of all the world's seaborne oil supply, plus significant volumes of liquefied natural gas (LNG). Think of it as the world's energy jugular vein. When it gets blocked, the entire planet feels it. What Happened? On Februa...
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Israel Successfully Intercepts Houthi Missile from Yemen


The Israeli Defense Forces (IDF) successfully intercepted a ballistic missile launched by Yemen's Iran-backed Houthi rebels late Monday night. The missile was intercepted before it entered Israeli airspace, triggering sirens across central Israel. Fortunately, there were no reports of casualties or major damage.

The Houthi rebels have been launching missiles and drones at Israel since the start of the war in Gaza on October 7, 2023, claiming solidarity with Palestinians. This recent attack is part of a series of missile launches aimed at Israel, with the Houthis vowing to continue their assaults until the Gaza conflict ends.

In response to the missile launch, Israel conducted retaliatory strikes targeting Houthi infrastructure, including the Sanaa International Airport and power stations. The United States and the United Kingdom have also conducted strikes against Houthi targets in the Red Sea area.

The situation remains tense as both sides continue their attacks, raising concerns about the potential for further escalation in the region.




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