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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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Putin Apologizes for Azerbaijani Plane Crash Amid Rising Tensions

 

In a recent development, Russian President Vladimir Putin extended an apology to Azerbaijani President Ilham Aliyev following a tragic incident involving an Azerbaijani airliner. The plane, en route from Baku to Grozny, crashed in Kazakhstan while attempting an emergency landing, resulting in the loss of 38 lives.

The Kremlin's statement highlighted that the crash occurred amid Ukrainian drone attacks, which led to Russian air defense systems being active in the area. However, the statement stopped short of directly attributing the crash to these defense systems. Survivors reported hearing loud noises before the crash, suggesting possible external interference.

This incident has further strained relations in the region, with both U.S. and Azerbaijani officials hinting at the involvement of an external weapon. Putin's apology, while significant, leaves many questions unanswered as investigations continue.

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