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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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Humanitarian Crisis Deepens in Gaza Amid Escalating Conflict

In a tragic escalation of violence, an Israeli airstrike in Gaza has claimed the lives of at least 23 people, including a family of 10. The victims, five children, four women, and a man, were killed in Khan Younis, a southern city in Gaza. The United Nations has raised alarms over the worsening humanitarian crisis, as a six-week blockade has left over two million residents struggling to access basic necessities like food and water.

The blockade has severely disrupted food supplies, forcing most of Gaza's population to rely on charity kitchens for their daily meals. The World Food Program reports that 80% of the population depends on humanitarian aid, with many now surviving on just one meal a day. Water scarcity has also reached critical levels, with residents queuing for hours to collect minimal amounts from trucks.

Israeli officials have stated that the blockade and airstrikes are part of their strategy to pressure Hamas, which they accuse of operating within residential areas and misusing aid. However, the impact on civilians has drawn widespread concern from international organizations, highlighting the urgent need for a resolution to the conflict.

The situation in Gaza underscores the devastating human cost of prolonged hostilities, with families and communities bearing the brunt of the violence and deprivation.

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