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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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Stock market today: Wall Street edges lower after the Thanksgiving holiday

 


The stock market was mixed on Monday afternoon, with the Dow Jones Industrial Average (DJI) down about 0.3% or almost 100 points, while the benchmark S&P 500 (GSPC) lost 0.07%. The tech-heavy Nasdaq Composite (IXIC) ticked up 0.2% . Despite the mixed trading session, the major indexes remained on track for their best month in over a year, with high optimism for an end to US interest rate hikes and strong Black Friday and Cyber Monday sales boosting the market sentiment .

In other news, the “Magnificent Seven” tech stocks — Apple, Alphabet, Microsoft, Amazon, Meta, Tesla, and Nvidia — make up roughly one-third of the S&P 500’s market cap and are up 80% this year. Their valuations are drawing comparisons to the dot-com bubble in 2000.

Additionally, the cryptocurrency exchange Binance agreed to pay fines and restitution of $4.3 billion and also plead guilty to criminal charges relating to money laundering, conducting an unlicensed money transmitting business, and sanctions violations. The settlement was seen as a positive sign for the crypto industry, as it could bring more regulatory clarity and reduce systemic risk.

Some stocks trending tickers page during morning trading on Monday were Shopify, Amazon, Foot Locker, and Snowflake. Shopify and Amazon rose on strong e-commerce sales, while Foot Locker fell on a downgrade by Citigroup. 





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