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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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Trump Administration Plans Major Immigration Raid in Chicago

The incoming U.S. presidential administration under Donald Trump is set to launch a significant immigration raid in Chicago the day after he takes office, according to a report by the Wall Street Journal. The operation, expected to commence on Tuesday, will involve between 100 and 200 officers from the U.S. Immigration and Customs Enforcement (ICE) and is anticipated to last all week.

Trump's transition team has not yet responded to requests for comment. However, Tom Homan, the incoming border czar, stated at an event in Chicago that the administration would begin its efforts in the city. He warned that if the Chicago mayor does not cooperate, he could face prosecution for harboring or concealing illegal aliens.

Immigration was a central theme of Trump's campaign, and he has promised to initiate the largest domestic deportation operation in American history immediately after his inauguration. The administration plans to mobilize various government agencies to support this effort and pressure sanctuary jurisdictions to comply.


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