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How the Strait of Hormuz Crisis Is Hitting Your Wallet Right Now

Published May 17, 2026  |  Category: Oil Prices & Energy  |  By MoneySavings.ca If you've winced lately at the gas pump or noticed your grocery bill creeping up, you're not imagining it. A geopolitical crisis unfolding halfway around the world — at a narrow strip of water between Iran and Oman — is directly squeezing Canadian budgets. Here's everything you need to know, and what you can do about it. What Is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway just 33 kilometres wide at its tightest point, connecting the Persian Gulf to the open ocean. Despite its modest size, it is the world's single most critical energy chokepoint. Before this crisis, roughly 20 million barrels of oil moved through it every single day — about 20% of all the world's seaborne oil supply, plus significant volumes of liquefied natural gas (LNG). Think of it as the world's energy jugular vein. When it gets blocked, the entire planet feels it. What Happened? On Februa...
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Market Turmoil: S&P 500 Enters Correction Amid Escalating Trade War

                                                   

The stock market faced a sharp downturn on Thursday, with the S&P 500 officially entering correction territory. The index fell 1.4%, marking a 10% decline from its recent high. The Dow Jones Industrial Average dropped 1.3%, while the tech-heavy Nasdaq plummeted nearly 2%.

This market turbulence comes as trade tensions escalate. The European Union's retaliatory tariffs on U.S. goods, including a 50% tax on American whiskey, prompted the U.S. administration to threaten a 200% tariff on European wines and spirits. These developments have left investors on edge, fearing the economic repercussions of a prolonged trade war.

Adding to the uncertainty, debates over a stop-gap spending bill to prevent a government shutdown have further rattled market sentiment. Despite cooler-than-expected inflation data, concerns about economic stability and policy unpredictability continue to weigh heavily on Wall Street.

The correction in the S&P 500 underscores the fragility of the current market environment, as investors navigate a landscape fraught with geopolitical and economic challenges.

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