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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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Market Rebound: Dow, S&P 500, Nasdaq Futures Inch Higher Amid Tariff Relief Hopes

                                           

 U.S. stock futures edg    ed higher on Wednesday, signaling a potential rebound from recent sharp sell-offs. Investors are hopeful that President Donald Trump may soon scale back his new tariffs on Canada and Mexico. This optimism comes after Commerce Secretary Howard Lutnick suggested that an existing Trump trade deal could provide a pathway to relief on some imports for these countries as early as Wednesday.

Futures for the S&P 500 and Dow Jones Industrial Average both rose around 0.1%, while contracts on the tech-heavy Nasdaq 100 advanced 0.3%. However, a soft print on labor-market hiring revived worries about a potential economic slowdown. Data from ADP showed that private-sector companies added just 77,000 jobs in February, significantly below economist expectations.

President Trump, in an address to Congress, acknowledged the current economic discomfort but reassured markets by stating, "There'll be a little disturbance, but we're OK with that. It won't be much". The S&P 500 hit its lowest level in four months on Tuesday, erasing all of its post-election gains, amid retaliation to Trump's implementation of 25% tariffs on Canada and Mexico and doubling duties on China.

As the market awaits further developments, investors remain cautious but hopeful for a resolution that could stabilize the economic landscape.



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