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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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Netanyahu Criticizes Canadian PM Carney Over Gaza Remarks

Israeli Prime Minister Benjamin Netanyahu has publicly criticized Canadian Prime Minister Mark Carney for comments made during a rally in Calgary. The controversy arose when a protester in the crowd accused Israel of committing genocide in Gaza. Carney responded, "I'm aware. That's why we have an arms embargo," a statement that Netanyahu deemed "irresponsible."

Netanyahu took to social media to express his disapproval, urging Carney to retract his remarks. He emphasized that Israel is engaged in a "just war" against Hamas, a group designated as a terrorist organization by Canada. Carney later clarified that he had not heard the word "genocide" during the protester's statement and was merely referencing Canada's arms embargo on Israel.

The incident has sparked international debate, with some questioning Carney's stance and others defending his clarification. The timing of this controversy is particularly sensitive, as it coincides with heightened tensions in the region and ongoing discussions about Canada's foreign policy.

Carney's office has yet to issue a formal response to Netanyahu's criticism, leaving the matter unresolved for now.

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