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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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Erdogan’s Bold Threat: Turkey’s Potential Military Intervention in Israel

 

In a recent and highly provocative statement, Turkish President Recep Tayyip Erdogan has suggested that Turkey might intervene militarily in Israel to support the Palestinians. This declaration was made during a party meeting in Rize, where Erdogan drew parallels to Turkey’s past interventions in Nagorno-Karabakh and Libya.

Erdogan emphasized the need for Turkey to be strong to prevent Israel from continuing its actions against the Palestinians. He stated, "Just as we entered [Nagorno-]Karabakh, just as we entered Libya, we might do the same to them. There is nothing we can’t do. We must only be strong.

This rhetoric has sparked significant concern and backlash. Israeli Foreign Minister Israel Katz compared Erdogan to the late Iraqi dictator Saddam Hussein, highlighting the potential for severe geopolitical repercussions. The Turkish leader’s comments come amid ongoing conflict between Israel and Hamas in Gaza, further escalating tensions in the region.

Erdogan’s statements have been met with mixed reactions globally, with many fearing the implications of such a move by a NATO member. The international community watches closely as the situation develops, hoping for a peaceful resolution to the escalating conflict.


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