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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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Russia's Christmas Day Assault on Ukraine: A Grim Reality


On Christmas Day, Russia launched a massive missile and drone attack on Ukraine's energy infrastructure, targeting key facilities and causing widespread power outages. Ukrainian President Volodymyr Zelensky condemned the strikes as "inhumane," emphasizing the deliberate timing of the attack to coincide with the holiday. 

The assault involved over 70 missiles and more than 100 drones, with significant damage reported in cities like Kharkiv and Dnipro. Despite Ukraine's efforts to intercept many of the missiles and drones, the attack led to severe disruptions in electricity and heating, leaving many Ukrainians without power in freezing temperatures.

This attack marks the 13th major strike on Ukraine's energy sector this year, further exacerbating the humanitarian crisis in the country. Ukrainian officials have described the strikes as "Christmas terror," highlighting the ongoing threat posed by Russian aggression.

The international community continues to watch closely as Ukraine works to restore power and provide relief to its citizens amid the ongoing conflict.

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