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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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Canada's Economy Shows Modest Growth in Q3 2024



Canada's economy grew at an annualized rate of 1% in the third quarter of 2024, according to Statistics Canada. The growth was driven by increased consumer spending, particularly on new vehicles, and higher government expenditures.

Despite the positive growth, the figure fell short of the Bank of Canada's forecast of 1.5% annualized growth for the quarter. The slower business investment and lower exports also contributed to the modest growth rate. Additionally, real GDP per capita declined by 0.4%, marking the sixth consecutive quarter of per-capita GDP decline.

Economists are closely watching these trends as the country navigates through economic challenges and uncertainties. The government remains optimistic about the economy's resilience and is expected to introduce measures to stimulate further growth.




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