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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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TSX Climbs Following Bank of Canada's Rate Cut

 

Canada's main stock index, the S&P/TSX Composite, continued its upward trajectory today, buoyed by the Bank of Canada's decision to reduce interest rates. The index rose by 95.91 points, or 0.38%, reaching 25,600.24 points.

Investors welcomed the rate cut, which is expected to lower borrowing costs and stimulate economic activity. The move comes amid concerns about sluggish economic growth, despite inflation remaining within the target range.

The materials sector, particularly mining stocks, saw significant gains, contributing to the overall positive market sentiment. Additionally, oil prices rose on expectations of increased demand from China, which announced a relaxation of its monetary policy.

Analysts remain optimistic about the TSX's performance, with some predicting continued growth into the next year.




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