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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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A major power outage is reported in Spain and Portugal, disabling their capitals

 

A major power outage has struck Spain and Portugal, including their capitals, Madrid and Lisbon, causing significant disruptions across the Iberian Peninsula. The blackout has affected subway networks, phone lines, traffic lights, and ATM machines, leaving millions of residents grappling with the sudden loss of electricity.

Spanish power grid operator Red Eléctrica and Portuguese distributor E-Redes are working to restore power and stabilize the network. Early reports suggest the outage may be linked to issues in the European electricity system. The blackout has also impacted parts of France, further highlighting the scale of the problem.

Authorities in both countries have urged residents to limit travel and prioritize safety as traffic lights and public transportation remain non-operational. This rare and widespread outage has disrupted daily life, with courts halting work and mobile networks experiencing outages.

Efforts to restore power are underway, but the cause of the outage remains under investigation. This developing situation underscores the vulnerability of interconnected power systems and the need for robust infrastructure to prevent such incidents in the future.

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