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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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Russian Missile and Drone Attack Strikes Multiple Targets in Ukraine, Including Kyiv


In the early hours of Tuesday, Russia launched a significant aerial attack on Ukraine, targeting the capital city of Kyiv and several other regions with a barrage of missiles and drones. The Ukrainian air force reported a ballistic missile threat at 3:00 a.m., followed by at least two explosions in Kyiv minutes later. Another missile alert was issued at 8:00 a.m., with at least one explosion reported in the city.

Missile debris fell in the Darnytskyi district of Kyiv, but there were no immediate reports of casualties or damage. In the northeastern Sumy region, authorities reported strikes near the city of Shostka, where 12 residential buildings and two educational facilities were damaged. The Russian Defense Ministry claimed that its forces successfully struck a Ukrainian air base and a gunpowder factory.

The nearly three-year conflict has seen significant destruction of Ukraine's energy infrastructure, leading to widespread rolling electricity blackouts. Despite the provision of air defense systems by Kyiv's Western allies, Russia has continued to overwhelm Ukraine's defenses with combined strikes involving large numbers of missiles and drones.

As the conflict continues, uncertainty looms over its future course, especially with U.S. President-elect Donald Trump set to take office next month. President Joe Biden recently announced an additional $2.5 billion in weapons aid to Ukraine, aiming to bolster Kyiv's defenses before the transition of power.

The situation remains tense as both sides continue to engage in aerial and ground attacks, with no clear resolution in sight.

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