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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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Countdown to Crisis: U.S. Government Shutdown Nears as Deadline Looms

 

                              The deadline to avoid a government shutdown is 12.01 a.m. Eastern time on Wednesday.


With just hours left before the federal funding deadline, Washington is bracing for a partial government shutdown. Lawmakers remain locked in a bitter standoff, with Democrats pushing to extend healthcare subsidies under the Affordable Care Act, while Republicans refuse to include them in a short-term spending bill.

President Donald Trump is scheduled to meet with congressional leaders in a last-ditch effort to break the impasse. If no agreement is reached, the government will begin shutting down at 12:01 a.m. Wednesday, halting non-essential services, closing national parks, and furloughing thousands of federal employees.

The White House has already instructed agencies to prepare for potential mass layoffs, raising fears this shutdown could be more severe than previous ones. Analysts warn that the economic fallout could ripple quickly, delaying key reports like September’s jobs data and disrupting services relied upon by millions of Americans.

As the clock ticks down, both parties face mounting pressure to compromise—but with neither side showing signs of retreat, the nation edges closer to its largest shutdown in years.


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