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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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U.S. Approves $3 Billion Arms Deal with Israel Amid Ceasefire Talks

The Trump administration has approved a significant arms sale to Israel, valued at nearly $3 billion. This deal includes over 35,500 MK 84 and BLU-117 bombs, 4,000 Predator warheads, and Caterpillar D9 bulldozers, among other equipment. The State Department bypassed the usual congressional review, citing national security interests.

The timing of this approval coincides with the expiration of the first phase of a ceasefire between Israel and Hamas. The truce, which began in January 2025, has seen the release of hostages and prisoners on both sides, along with increased humanitarian aid to Gaza. Negotiators are working to extend the ceasefire and move toward a lasting resolution.

This arms deal underscores the U.S.'s continued support for Israel, even as the region navigates a fragile peace process.

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