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.
White House press secretary Karoline Leavitt said talks between Washington and Tehran were ongoing, hours after Iran's state media said the regime rejected proosals by the Trump administration.
The verdict, which caps a weeks-long trial in Los Angeles, could set a legal precedent for similar allegations brought against social media companies.
A potential deal to end the DHS shutdown has stalled on Capitol Hill after Senate Democrats made their latest counteroffer. Follow live updates.
An internal watchdog report in the Department of Homeland Security identified serious vulnerabilities in TSA's screenings at airports nationwide.
Trump says Iran's navy is "gone," so how does it still have a chokehold on the Strait of Hormuz? Part of the answer may lie off Ukraine's Black Sea coast.
In a post on X Saturday, Musk offered to pay the salaries of TSA workers during the DHS shutdown.
Former Trump national security official and right-wing activist Michael Flynn sued the Justice Department for $50 million, alleging wrongful prosecution during the first Trump administration.
CBS News reviewed dozens of reports dating back three decades about New York's LaGuardia Airport.
The Supreme Court ruled that internet service provider Cox Communications cannot be held liable for copyright infringement by its subscribers.
In a post on X Saturday, Musk offered to pay the salaries of TSA workers during the DHS shutdown.
CBS News reviewed dozens of reports dating back three decades about New York's LaGuardia Airport.
Former Trump national security official and right-wing activist Michael Flynn sued the Justice Department for $50 million, alleging wrongful prosecution during the first Trump administration.
With Social Security's trust fund sliding toward insolvency, one group wants to cap benefits for the wealthiest U.S. couples.
El Paso, Texas, and Los Angeles, California, had some of the worst air pollution in the U.S. last year, according to a new report.
With Social Security's trust fund sliding toward insolvency, one group wants to cap benefits for the wealthiest U.S. couples.
Summer gasoline regulations will be waived for 20 days, and possibly longer to try to ease gas prices.
The verdict, which caps a weeks-long trial in Los Angeles, could set a legal precedent for similar allegations brought against social media companies.
About 111 million Americans are carrying credit card balances, a 17% increase in five years, new research shows.
Federal health officials posted a warning about misleading statements by biotech billionaire Dr. Patrick Soon-Shiong about his company's bladder cancer drug Anktiva.
In a post on X Saturday, Musk offered to pay the salaries of TSA workers during the DHS shutdown.
Former Trump national security official and right-wing activist Michael Flynn sued the Justice Department for $50 million, alleging wrongful prosecution during the first Trump administration.
Summer gasoline regulations will be waived for 20 days, and possibly longer to try to ease gas prices.
First lady Melania Trump argued that humanoids can help children develop critical thinking skills — and robots never get impatient.
The Supreme Court ruled that internet service provider Cox Communications cannot be held liable for copyright infringement by its subscribers.
Federal health officials posted a warning about misleading statements by biotech billionaire Dr. Patrick Soon-Shiong about his company's bladder cancer drug Anktiva.
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.
Trump says Iran's navy is "gone," so how does it still have a chokehold on the Strait of Hormuz? Part of the answer may lie off Ukraine's Black Sea coast.
El Paso, Texas, and Los Angeles, California, had some of the worst air pollution in the U.S. last year, according to a new report.
Some Iranians who'd hoped for regime change say the realities of the U.S. and Israel's war have been a "rude awakening," and they just want it to stop.
NATO members Estonia and Latvia say Russian drones hit their territory amid one of Moscow's biggest assaults on Ukraine.
D'Artagnan was killed during the siege of Maastricht in 1673. His final resting place has remained a mystery ever since.
A newly released video shows the police interactions with Taylor Frankie Paul in 2023 that led to charges, including domestic violence in the presence of a child. CBS News Shanelle Kaul has the latest.
Rocky Carroll, who has played the role of Director Leon Vance on "NCIS" for nearly two decades, joins to discuss the show's 500th episode, which aired Tuesday.
(Alert: Spoilers ahead!) Actor Rocky Carroll, who has played beloved "NCIS" director Leon Vance for 18 season, talks with "CBS Mornings" about a shocking twist in the series in the show's 500th episode and what he would tell his younger self.
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.
The verdict, which caps a weeks-long trial in Los Angeles, could set a legal precedent for similar allegations brought against social media companies.
Jury deliberations continue Wednesday in the landmark California social media addiction case. Meanwhile, a jury in New Mexico found Meta violated a consumer protection law by enabling child exploitation. CBS News legal contributor Jessica Levinson has more.
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.
A jury in New Mexico found Meta, which operates Facebook and Instagram, misled users about safety and enabled child sexual exploitation on its platforms. A judge has ordered the tech giant to pay $375 million in civil damages. Meta says it will appeal the verdict.
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 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.
A newly released video shows the police interactions with Taylor Frankie Paul in 2023 that led to charges, including domestic violence in the presence of a child. CBS News Shanelle Kaul has the latest.
Savannah Guthrie said her family is in agony as she made a tearful plea for someone "to do the right thing" nearly two months after Nancy Guthrie disappeared.
Arielle Konig testified that her husband, anesthesiologist Gerhardt Konig, attempted to stab her with a syringe, and when that failed she said he repeatedly bashed her head with a rock during a birthday hike one year ago. Gerhardt Konig has pleaded not guilty to the attempted murder of his wife. Matt Gutman reports.
A jury in New Mexico found Meta, which operates Facebook and Instagram, misled users about safety and enabled child sexual exploitation on its platforms. A judge has ordered the tech giant to pay $375 million in civil damages. Meta says it will appeal the verdict.
Paul Kovacich's defense team contends that long-suppressed evidence debunks claims that he killed his dog weeks before his wife disappeared.
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.
White House press secretary Karoline Leavitt said Wednesday that the United States and Iran are still engaged in peace talks. CBS News White House reporter Olivia Rinaldi has more.
A newly released video shows the police interactions with Taylor Frankie Paul in 2023 that led to charges, including domestic violence in the presence of a child. CBS News Shanelle Kaul has the latest.
Meta and YouTube were found liable by a jury Wednesday for creating products that led to harmful and addictive behavior by young users. CBS News' Jo Ling Kent and Caroline Polisi break down the case.
A jury on Wednesday found Meta and YouTube liable for creating products that led to harmful and addictive behavior by young users and voted to award $3 million in damages to the lead plaintiff in the case. CBS News' Shanelle Kaul and Jo Ling Kent have more.
A jury has found Meta and YouTube both liable on all charges in a major social media addiction trial. CBS News legal contributor Caroline Polisi has more.