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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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Russia Escalates Energy Grid Attacks Amid Upcoming U.S.-Ukraine Talks

In a significant escalation, Russia launched a large-scale missile and drone attack on Ukraine's energy infrastructure, leaving at least ten people injured, including a child. The assault comes shortly after Ukrainian President Volodymyr Zelensky announced that his team would engage in peace talks with U.S. officials next week.

The overnight bombardment targeted natural gas extraction facilities and other critical energy infrastructure, with Ukraine's air force reporting 67 missiles and 194 drones deployed by Russian forces. Ukrainian defenses managed to intercept 34 missiles and 100 drones, while others caused extensive damage. Energy Minister Herman Halushchenko condemned the attacks, accusing Russia of attempting to "weaponize winter" by depriving civilians of light and heat.

This marks the first major attack since the U.S. announced a pause in military aid to Ukraine, a move that has raised concerns about Kyiv's ability to defend itself. Zelensky, who plans to meet Saudi Crown Prince Mohammed bin Salman before the talks, expressed hope for meaningful progress toward peace. However, the attacks underscore the challenges ahead as Ukraine seeks to rebuild its energy grid and maintain civilian morale amidst ongoing hostilities.

The upcoming talks in Saudi Arabia are expected to focus on a framework for peace and a potential ceasefire, but the path to resolution remains fraught with complexities.

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