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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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Ontario Braces for Brutal Cold: Coldest Temperatures of the Year Arrive


Ontario is experiencing a dramatic temperature drop as the coldest air of the year sweeps across the province. After a brief warm-up on Saturday, temperatures are expected to plummet by as much as 20-24°C within 18-24 hours. The Arctic air mass will bring frigid conditions, with some areas seeing temperatures drop to -28°C by Monday.

Residents are advised to bundle up and limit outdoor exposure to avoid frostbite and hypothermia. Travelers should be cautious of icy roads and potential snowfall, especially around Lake Huron. The cold snap is expected to last until Wednesday, with lake-effect snow likely to continue throughout the week.



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