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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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U.S. Stock Futures Steady After Cooler Inflation Data

                                             

U.S. stock futures showed resilience in premarket trading, paring earlier losses following a cooler-than-expected inflation report. The March Consumer Price Index (CPI) rose by 2.4% year-over-year, below the anticipated 2.6%, while the core CPI, excluding food and energy, increased by 2.8%, compared to estimates of 3%. 

This data has bolstered expectations that the Federal Reserve may stay on course to reduce interest rates later this year. At 8:31 a.m. ET, Dow E-minis were down 1.06%, S&P 500 E-minis fell 1.44%, and Nasdaq 100 E-minis dropped 1.81%. 

The report also highlighted a slight monthly decline of 0.1% in inflation, signaling a potential easing of price pressures. Investors remain cautiously optimistic as they assess the implications for monetary policy and market stability. 



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