Analysts warn oil prices could keep climbing as Iran war intensifies
Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.
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Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.
Fed Chairman Jerome Powell used the phrase "we don't know" at least 14 times during his press conference. Investors are nervous.
Many Americans feel like they live in a "hamster wheel economy," said one expert who studies economic security.
The Federal Reserve left its benchmark interest rate unchanged on Wednesday, citing economic uncertainty, including potential impacts from the war in Iran. CBS News coordinating producer Richard Escobedo has the details.
Oil prices edged slightly lower on Wednesday as markets reacted to news of a deal between Baghdad and Erbil that would resume oil exports out of Iraqi Kurdistan. Megan Leonhardt, a senior writer for Barron's, joins with more.
Since the start of the Iran war, gas prices have increased by 27%, and diesel prices have increased by 34%. Justin Wolfers, professor of public policy and economics at the University of Michigan, joins to examine the potential impact of the war on the overall economy.
This week on "Face the Nation with Margaret Brennan," amid new strikes from Israel and Iran in the Middle East, Margaret Brennan speaks to Iranian Foreign Minister Abbas Araghchi and Trump economic adviser Kevin Hassett. Plus, Rep. Dan Crenshaw and Sen. Mark Warner join.
The economic risks of the war in Iran are getting real for Americans at home. Stock markets ended the week down again as the conflict dragged on. This as U.S. crude oil costs are pumped up. Andres Gutierrez has more on the energy shock.
"CBS Saturday Morning" offers tips for avoiding scams this tax season.
Iran continues to harass vessels in the Strait of Hormuz, and the prospect of U.S. naval escorts appears more likely. But when that would occur remains a mystery. CBS News' Matt Gutman and Aaron MacLean have the latest.
GDP grew at a sluggish 0.7% pace in the final months of 2025 as the government shutdown hurt economic activity.
Months after the U.S. minted its last penny, Americans are experiencing a shortage of the one-cent coin. CBS News reporter Kati Weis has the details on how some states are working on legislation to address the rounding issue in cash purchases.
For American drivers, the cost of the war with Iran is already showing up at the pump. But there's a bigger warning light flashing for the economy: diesel. Kelly O'Grady explains.
The Fertilizer Institute says the war with Iran is disrupting the fertilizer supply chain and pushing prices up roughly 30% in the past few weeks. Lance Lillibridge, a farmer in Vinton, Iowa, joins CBS News to discuss the impact he's seeing.
President Trump on Wednesday made stops in Ohio and Kentucky to promote his economic agenda ahead of this year's midterm elections. He also addressed the Iran war and rising gas prices. The cost of oil has already had an impact on some businesses. Weijia Jiang reports.
The Strait of Hormuz sees roughly 20% of the world's oil flow through it, and tankers are stalled on both sides of the narrow chokepoint amid suspected Iranian drone attacks, rattling oil markets. Mike Sommers, president and CEO of the American Petroleum Institute, joins "The Takeout" with analysis.
Rep. Adam Smith of Washington state, the ranking Democrat on the House Armed Services Committee, opposes the war in Iran and wants Congress to be much more involved in policymaking. Smith joins "The Takeout" with his perspective.
Suspected Iranian drones hit at least three ships in and around the Strait of Hormuz overnight as fighting in the vital shipping lane escalates. CBS News chief correspondent Matt Gutman reports from Tel Aviv, Israel.
The International Energy Agency agreed Wednesday to release 400 million barrels of oil from its strategic reserves to alleviate the shortage caused by the Strait of Hormuz shutdown. CBS News MoneyWatch correspondent Kelly O'Grady has the details.
February's CPI report shows inflation held steady. Erin Delmore, a geoeconomics correspondent, joins to break it down.
CBS News business analyst Jill Schlesinger speaks with "CBS Mornings" about how to best utilize your tax refund. The IRS says it has already received more than 51 million returns. (Sponsored by Edward Jones)
The pressure to reopen the Strait of Hormuz is intensifying, along with the rhetoric around it from the U.S. and Iran. Matt Smith, an analyst at the data firm Kpler, joins to discuss.
Gas prices rose 14% during the first week of the joint U.S.-Israel war with Iran, according to AAA. CBS News contributor J.D. Durkin joins from the New York Stock Exchange with analysis.
The average price of a gallon of gas in the U.S. is up 17% since the war with Iran began. Justin Wolfers, professor of public policy and economics at the University of Michigan, joins with analysis.
Stock markets plunged on Monday as the price of oil hit more than $100 per barrel for the first time since July 2022. Noam Raydan, a senior fellow at the Washington Institute for Near East Policy, joins with more.
Democrats are pushing for reforms to Immigration and Customs Enforcement as the Senate appeared to be closing in on a deal to fund the Department of Homeland Security.
President Trump said several members of his administration were involved in talks with Iran about the ongoing war.
Lawmakers and President Trump appear to be edging closer to a framework to wrap up the Department of Homeland Security shutdown — but a breakthrough has remained out of reach. CBS News contacted every House and Senate office to ask what they're doing to end the shutdown.
A command element and some ground forces are expected to be part of the Middle East deployment, according to a source familiar with the planning.
A judge sharply questioned a lawyer for the federal government on Tuesday over the Pentagon's efforts to cut Anthropic's AI out of its classified systems.
Democrats have vowed to keep forcing votes on the issue as they seek public testimony from administration officials.
In an on-going overhaul of NASA's Artemis program, agency officials say it will take seven years to build a sophisticated base on the moon.
Democrat Emily Gregory won a special election for a Florida state House seat on Tuesday, flipping a district that is home to President Trump's estate, Mar-a-Lago.
The pilots killed in a collision between a jetliner and a fire truck on a New York runway have been identified as Capt. Antoine Forrest and First Officer Mackenzie Gunther.
As the number of people with cameras on their dashboards and doorbells has grown, so have reports of such sightings.
The Justice Department's investigation of a $2.5 billion renovation project at the Federal Reserve found no evidence of a crime, a federal prosecutor privately conceded under questioning by a judge.
The pilots killed in a collision between a jetliner and a fire truck on a New York runway have been identified as Capt. Antoine Forest and First Officer Mackenzie Gunther.
Arielle Konig took the stand to testify against her husband, anesthesiologist Gerhardt Konig, exactly one year after he allegedly tried to kill her by pushing her off a cliff during a hike in Hawaii.
Democrat Emily Gregory won a special election for a Florida state House seat on Tuesday, flipping a district that is home to President Trump's estate, Mar-a-Lago.
Federal health officials posted a warning about misleading statements by biotech billionaire Dr. Patrick Soon-Shiong about his company's bladder cancer drug Anktiva.
A judge sharply questioned a lawyer for the federal government on Tuesday over the Pentagon's efforts to cut Anthropic's AI out of its classified systems.
FedEx said it will give customers the option of two-hour or end-of-day delivery, including for large and oversized packages.
OpenAI said Tuesday that it will discontinue the company's Sora app, which let users create AI-generated videos.
Trading in crude oil futures spiked only minutes before President Trump postponed an ultimatum on Iran, causing oil prices to drop and stocks to surge.
A California sheriff running for governor has seized more than half a million ballots cast in a November special election from county election officials, saying he's investigating a ballot count discrepancy.
The Justice Department's investigation of a $2.5 billion renovation project at the Federal Reserve found no evidence of a crime, a federal prosecutor privately conceded under questioning by a judge.
Lawmakers and President Trump appear to be edging closer to a framework to wrap up the Department of Homeland Security shutdown — but a breakthrough has remained out of reach. CBS News contacted every House and Senate office to ask what they're doing to end the shutdown.
Democrat Emily Gregory won a special election for a Florida state House seat on Tuesday, flipping a district that is home to President Trump's estate, Mar-a-Lago.
A judge sharply questioned a lawyer for the federal government on Tuesday over the Pentagon's efforts to cut Anthropic's AI out of its classified systems.
Doctors fear that skepticism, fueled by anti-science sentiment and mistrust, is extending beyond vaccines to other proven, routine care.
Transit Officer Paul DeGeorge thought his son was lying on him. Then he realized something much scarier was happening.
A judge blocked a set of changes to the childhood vaccine schedule recommended by allies of Health and Human Services Secretary Robert F. Kennedy, dealing a setback to the Trump administration's efforts to overhaul federal vaccine policy.
Patchwork state policies and limited federal oversight have led to a fragmented system for tracking organ donor status.
Spencer Laird was diagnosed with colon cancer at 26. At 30, he was told it had returned and spread to his lungs, with one tumor the size of a golf ball.
Democrats have vowed to keep forcing votes on the issue as they seek public testimony from administration officials.
A command element and some ground forces are expected to be part of the Middle East deployment, according to a source familiar with the planning.
The seed reveals that people in France have been cultivating the popular variety of grape since at least the 1400s, scientists say.
In separate visits, President Trump is planning to host monarchs from the United Kingdom and the Netherlands next month.
Researchers in Cambodia surveyed dozens of previously unexplored caves and found several species never seen before, including a pit viper that is still being studied.
A new documentary examines the artificial intelligence boom and its potential risks to humanity, featuring interviews with top AI company CEOs and other experts. Co-director Charlie Tyrell and producer Ted Tremper join CBS News to discuss the making of the film, "The AI Doc: Or How I Became an Apocaloptimist."
"The Pitt" star Patrick Ball tells "CBS Mornings" he had been auditioning since 2013 and didn't think his acting dreams were "ever going to happen" when he was cast in the medical drama. He also opens up about how the series is personal for him.
In 2005, the "Friends" star played Valerine Cherish, a washed-up sitcom actress, in the HBO comedy "The Comeback." The show was cancelled, but it earned a cult following, and returned in 2014. Now, "The Comeback" is itself making a comeback.
In this web exclusive, Emmy-winning actress Lisa Kudrow talks with Tracy Smith about "Friends," and her HBO show "The Comeback."
"Friends" star Lisa Kudrow played a washed-up sitcom actress, Valerie Cherish, in the 2005 HBO comedy "The Comeback." The show was cancelled, but it earned a cult following, and then returned in 2014. Now, "The Comeback" is itself making a comeback for a third season. Kudrow talks with correspondent Tracy Smith about her love for playing Phoebe Buffay; her aptitude for "cringe comedy"; and how she found solace following the death of "Friends" castmate Matthew Perry.
The New Mexico Department of Justice has won a landmark trial against Meta, the parent company of Facebook and Instagram. CBS News senior business and technology correspondent Jo Ling Kent has the details.
The landmark decision comes after a nearly seven-week trial. Jurors sided with state prosecutors who argued that Meta prioritized profits over safety.
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
The artificial intelligence company Anthropic is challenging the Pentagon in court after the Trump administration designated it a national security risk. Tom Dupree, former deputy assistant attorney general under President George W. Bush, joins with analysis.
The war with Iran is raising cybersecurity concerns in the U.S. Vik Desai, global cybersecurity strategy lead at Accenture, joins CBS News to discuss.
The seed reveals that people in France have been cultivating the popular variety of grape since at least the 1400s, scientists say.
Researchers in Cambodia surveyed dozens of previously unexplored caves and found several species never seen before, including a pit viper that is still being studied.
The iNaturalist cellphone app not only helps users identify plant, animal and insect species; it also provides invaluable data to scientists studying biodiversity, species decline, and habitat loss. It also provides opportunities for fun: David Pogue joins iNaturalist fan Martha Stewart in a "bioblitz" – a timed competition with other users to spot and ID species.
The song is that of a humpback whale and was recorded by scientists in March 1949 in Bermuda, researchers said.
A new study in the journal Nature says most sea level rise research may have underestimated coastal water heights by an average of 1 foot.
Paul Kovacich's defense team contends that long-suppressed evidence debunks claims that he killed his dog weeks before his wife disappeared.
Arielle Konig took the stand to testify against her husband, anesthesiologist Gerhardt Konig, exactly one year after he allegedly tried to kill her by pushing her off a cliff during a hike in Hawaii.
The New Mexico Department of Justice has won a landmark trial against Meta, the parent company of Facebook and Instagram. CBS News senior business and technology correspondent Jo Ling Kent has the details.
Two weeks after a CBS News investigation into hospice care fraud in California, Congress is now probing the issue. CBS News correspondent Adam Yamaguchi is following the story.
Dayton Webber, a professional cornhole player and quadruple amputee, has been arrested on murder charges for the shooting death of a Maryland man. CBS News' Shanelle Kaul has more.
As the number of people with cameras on their dashboards and doorbells has grown, so have reports of such sightings.
In an on-going overhaul of NASA's Artemis program, agency officials say it will take seven years to build a sophisticated base on the moon.
NASA's Artemis II rocket is back on the launch pad after repairs inside the massive Vehicle Assembly Building at the Kennedy Space Center. Early next month, NASA will try, for a second time, to send a crew of four on a flyby of the moon. Mark Strassmann has more.
A possible meteorite crashed into a Houston area house on Saturday night, tearing through the roof and two stories of the home, officials said.
Retired NASA astronaut and Air Force Col. Eileen Collins joins "CBS Saturday Morning" to discuss her groundbreaking journey to become the first woman to pilot the Space Shuttle and the first to command a Space Shuttle mission.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Does the evidence show a cover-up, or was Todd Kendhammer wrongfully convicted for the murder of his wife?
Christy Salters-Martin dominated in the boxing ring but faced her toughest challenger at home.
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Meet the tattooed beauty charged in the death of Google executive Forrest Hayes.
Trump says Vance and Rubio are involved in talks with Iran; Senate inches toward a potential DHS funding solution.
Hawaii residents continued recovery efforts on Tuesday after the worst flooding in 20 years battered the islands this month.
A debate over what to wear at two different restaurant chains is prompting renewed attention over dress codes. Tony Dokoupil has more.
Arielle Konig faced down the man who allegedly tried to murder her during a birthday hike one year ago, her husband, anesthesiologist Gerhardt Konig. Matt Gutman reports on the trial.
A huge spike in oil futures trading minutes before President Trump announced talks with Iran is drawing suspicion about insider trading. Jill Schlesinger explains.