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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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Market Watch: Tech Titans and Economic Data Shape the Week Ahead

The stock market is poised for a pivotal week as futures for the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite edged lower in early trading. Investors are bracing for a flurry of earnings reports from major tech companies, including Apple, Amazon, Meta, and Microsoft, which are expected to set the tone for market sentiment. 

Adding to the anticipation, key economic data releases, such as the Federal Reserve's preferred inflation gauge—the Personal Consumption Expenditures (PCE) index—and the April jobs report, will provide critical insights into the health of the U.S. economy. These indicators are particularly significant as they may influence the Federal Reserve's monetary policy decisions in the coming months.

Last week, the market showed resilience, with the S&P 500 achieving its longest daily positive streak since January. However, the cautious mood among investors reflects the uncertainty surrounding both corporate earnings and broader economic trends. 

As the week unfolds, all eyes will be on how these factors interplay to shape the market's trajectory. Will Big Tech deliver the results needed to sustain investor confidence, or will economic data cast a shadow over the optimism? Stay tuned for what promises to be an eventful week in the financial world.

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