Inflation surged in September as U.S. energy costs jumped
Gas prices, which jumped 9.1% in September from August, accounted for more than half the monthly rise in inflation.
Watch CBS News
Gas prices, which jumped 9.1% in September from August, accounted for more than half the monthly rise in inflation.
After Saudi Arabia said Iran's Houthi allies carried out another strike at Riyadh's airport, Iran called the U.S. effort to negotiate toward ending the war "insufficient."
Crude oil prices had shot up on Thursday after reports President Trump was considering more strikes. They immediately dropped again after his new announcement.
As Iran responds to Trump's threat of annihilation with its own warning of a possible "new front" in the war, global oil prices are rising again.
The alerts did not cite a specific threat, but called for Americans to "exercise heightened vigilance."
The Iran war and Russia-Ukraine conflict are knocking out global refining capacity, pushing fuel prices higher, analysts said.
The price of diesel has soared more than 60% over the last year, a surge energy experts say is likely to continue. Here's why.
U.S. jets were hit by Iranian missiles while parked at a base in Jordan, sources tell CBS News, while Trump said the war will end "immediately" after midterms.
Iran on Sunday threatened a "more painful" response to U.S. strikes on three Iranian oil tankers.
Diesel hit a record of $5.85 a gallon Friday, eclipsing its prior mark of $5.81, set in June 2022.
As the war with Iran continues, CBS News is tracking gas and oil prices. Find out how much more it costs to fill up your tank or heat your house.
President Trump has accused oil companies like Chevron and ExxonMobil of "making too much money." He owns shares of both.
President Trump said Wednesday the U.S. might return to negotiations with Iran eventually, but he said currently "the situation is so good."
Illinois Gov. JB Pritzker has issued an ultimatum to the leaders of America's major oil companies, accusing them of "profiteering" from supply constrains caused by the U.S. war with Iran.
Talks between Oman and Iran on reopening the Strait of Hormuz and their respective territorial waterways have made progress, two sources told 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.
Two U.S. service members were killed earlier in Jordan and a third was missing in action, the U.S. Central Command said.
As the U.S. restarts its Iran blockade and carries out more strikes, President Trump has called off a planned 20% fee on shipping through the Strait of Hormuz.
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.
Lower jet fuel costs spell relief for airlines. But that doesn't mean they'll pass savings onto customers by lowering airfares, experts said.
The Freedom Fuel Network is offering gasoline for more than 30 cents a gallon below the national average.
President Trump said earlier Thursday he called off new military strikes on Iran, hours after threatening to escalate the war.
The Consumer Price Index rose last month at a 4.2% annual rate amid a spike in U.S. energy prices.
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.
