Global oil prices hit $100 a barrel amid attacks in Red Sea
The last time global oil prices settled above $100 was on May 22, data from FactSet shows.
Watch CBS News
The last time global oil prices settled above $100 was on May 22, data from FactSet shows.
The national average for a gallon of gas reached $4.003 on Monday, the first time in over a month it has crossed that threshold, AAA data shows.
Escalating war between the U.S. and Iran have sent gas prices soaring again nationwide, and experts say companies are factoring higher energy costs into the price of their goods and services and passing that cost onto the consumer.
Nationwide, a gallon of regular is now just shy of $4. That's up 12 cents in the last week and more than a dollar since the War in Iran started at the end of February.
Prices at the pump sank following a June ceasefire. But renewed conflict in the Middle East and other factors are driving fuel costs back up.
President Trump said he has made a “great deal” for peace with Iran, but nothing has been signed just yet. Lauren Victory reports.
President Trump says the Strait of Hormuz will open, and a U.S. naval blockade on Iran will be lifted, once the deal is signed at the end of the week. Lauren Victory reports.
Experts at GasBuddy say the next few days will be very telling, especially if traffic begins moving in the Strait of Hormuz.
They say if the deal progresses in the right direction, we could see gas prices dip below $3.75 a gallon before the July 4th holiday.
Travel editor Peter Greenberg weighs in on gauging gas prices impacting passengers.
President Trump said the U.S. has taken out "millions" of barrels of Iranian oil in the dead of night, and said inflation will come down when the war ends.
Inflation across the U.S. accelerated in May as the shock to global energy supplies from the Iran war continued to push prices higher. The Consumer Price Index rose at an annual rate of 4.2%, up from 3.8% in the prior month and marking the highest level since April 2023.
As thousands of Chicagoans wrap up road trips over the Memorial Day holiday weekend, gas prices in the city have reached the highest levels seen in four years.
We know Memorial Day weekend is the symbolic start of summer, and a lot of Americans are on the move. But prices for things like travel, and the foods you might buy for your summer cookouts, are going up. Shanelle Kaul reports on just how much.
One week away from Memorial Day weekend and the unofficial start of the summer travel season, with gas prices remaining high, negotiations were set to resume Monday at the largest oil refinery in the Midwest. Victor Jacobo reports.
Chicago and surrounding areas have felt climbing gas prices more acutely lately due to some refinery issues, but resolving those won't necessarily be enough to stop the skyrocketing.
Chicago and surrounding areas have felt climbing gas prices more acutely lately due to some refinery issues, but resolving those won't necessarily be enough to stop the skyrocketing.
Chicago area drivers, some nearly on empty, are heading to Indiana, where there's been a big drop in gas prices in the past week.
President Donald Trump is signaling both a possible escalation over Iran and new efforts to ease pressure at the gas pump.
Indiana's governor announced the suspension of the state's gasoline excise tax, which is 36 cents a gallon. On top of that, he also extended the usage tax suspension for another 30 days, which is 23 cents for the month of May.
President Trump has rejected Iran's latest ceasefire proposal, calling it "totally unacceptable." Oil prices jumped further in the wake of his rejection.
Americans on tight budgets are getting hit especially hard by surging fuel costs, forcing some to make hard choices.
Gas prices are now 52% higher than prior to the Iran war, with drivers paying $1.56 more per gallon, data shows.
The Meals on Wheels program in DuPage and Kane counties is feeling the effect of high gas prices, especially among the volunteers they rely on to help get meals to senior citizens in need.
The Meals on Wheels program in DuPage and Kane counties is feeling the effect of high gas prices, especially among the volunteers they rely on to help get meals to senior citizens in need.
