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Oil Prices Are Spiking — Here's What It Means for Your Gas Tank and Grocery Bill

  Published July 17, 2026 Crude oil is trading near one-month highs this week, and if you've filled up your tank recently, you've probably already felt it. The culprit: an escalating conflict in the Middle East that's disrupting one of the world's most important oil shipping routes — and it's starting to show up at Canadian pumps and, eventually, on grocery store shelves. What's happening with oil prices West Texas Intermediate (WTI), the North American benchmark, has been trading around the $79–$80 per barrel range this week — up roughly 5% over the past month. Brent crude, the global benchmark that matters more for what Canadians pay at the pump, has been hovering near $85 per barrel, also near a one-month high. The spike traces back to renewed fighting between the U.S. and Iran. The U.S. reimposed a naval blockade on Iran and has intensified strikes, while Iran has responded with attacks on U.S. bases and threats to disrupt regional energy shipments further. ...
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Trump Orders Decisive Strikes on Yemen's Houthis, Casualties Reported


In a significant escalation, U.S. President Donald Trump has authorized a series of airstrikes targeting Houthi rebels in Yemen. The operation, described as "decisive and powerful," aims to counter the Iran-backed group's activities in the Red Sea, which have disrupted global shipping and posed threats to international security.

The strikes, carried out on Saturday, resulted in at least 31 fatalities and over 100 injuries, according to reports from Yemen's Houthi-run health ministry. Many of the casualties were women and children, highlighting the devastating impact on civilians. The attacks targeted key Houthi military sites, including missile defenses and bases in Sanaa and other regions.

President Trump emphasized the necessity of the operation, stating that the U.S. would deploy "overwhelming lethal force" to ensure the safety of American and allied vessels. He also issued a stern warning to Iran, the Houthis' primary backer, demanding an end to their support for the group.

The Houthis have condemned the strikes as a "war crime" and vowed to respond with escalation. The situation remains tense, with further actions anticipated in the coming weeks. This marks a pivotal moment in the ongoing conflict, with potential implications for regional stability and international relations.

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