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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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Mélanie Joly Backs Mark Carney for Liberal Leadership

 

In a significant political move, Foreign Affairs Minister Mélanie Joly has endorsed Mark Carney for the leadership of the Liberal Party of Canada. Joly praised Carney's extensive economic experience, highlighting his tenure as governor of both the Bank of Canada and the Bank of England. She emphasized his ability to navigate crises, such as the 2008 global financial meltdown and Brexit, as key reasons for her support.

Joly's endorsement comes at a crucial time, as the Liberal Party prepares for a leadership race following Prime Minister Justin Trudeau's resignation. Carney, who recently launched his campaign, has promised to tighten public finances and invest in a greener future. Joly's backing is expected to bolster his campaign, particularly in Quebec, where she has a strong network.

This endorsement also sets the stage for a competitive race, with former finance minister Chrystia Freeland also vying for the leadership. Freeland, who has been critical of Trudeau's economic policies, launched her campaign with a focus on unifying the country against external threats, including potential trade disputes with the United States.

Joly's support for Carney underscores the importance of economic expertise and crisis management in the upcoming leadership contest. As the race heats up, all eyes will be on how these endorsements shape the future of the Liberal Party and Canada's political landscape.



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