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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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Kremlin Criticizes U.S.-Proposed Ceasefire as Favoring Ukraine

A senior Kremlin official has expressed skepticism over a U.S.-proposed 30-day ceasefire in the ongoing conflict between Russia and Ukraine. Yuri Ushakov, a top foreign policy aide to Russian President Vladimir Putin, stated that the ceasefire would merely provide a temporary respite for Ukraine's military forces. Speaking to state television, Ushakov emphasized that Russia seeks a long-term peaceful settlement that addresses its strategic concerns and interests.

The proposal, endorsed by Ukraine, has been presented as a step toward de-escalating the three-year conflict. However, Ushakov criticized the initiative, suggesting it could be a tactical move to bolster Ukraine's military preparedness. The Kremlin has indicated that it requires more detailed information from the U.S. before taking a definitive stance on the matter.

The ceasefire proposal comes amid intensified diplomatic efforts by the U.S., with President Donald Trump urging both sides to consider the plan as a pathway to broader peace negotiations. While Ukraine has signaled its willingness to support the truce, Russia's response remains uncertain, with officials reiterating their focus on achieving a comprehensive and lasting resolution to the conflict.

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