U.S. and Iran reach ceasefire deal, launching 2-week diplomatic push
President Trump announced that the U.S. and Iran had agreed to a two-week ceasefire that was contingent on the reopening of the Strait of Hormuz.
Watch CBS News
President Trump announced that the U.S. and Iran had agreed to a two-week ceasefire that was contingent on the reopening of the Strait of Hormuz.
CBS News business contributor Javier David breaks down the latest movement in the stock market and what the two-week ceasefire with Iran means for oil prices.
"This is a potentially huge market event like no other. It's a known unknown with a clock," one investment adviser said.
Gas prices in the U.S. could near a record high later this month if the Strait of Hormuz remains sealed, energy industry experts warn.
Shipping companies would take at least two months to resume operations in the Persian Gulf following a ceasefire in the region, according to the Eurasia Group.
President Trump's deadline for Iran to reach a deal to end the war or face punishing strikes on its bridges and power plants is less than 24 hours away.
President Trump hailed the rescue of a U.S. airman who was missing almost two days inside Iran — and threatened to hit power plants if Iran doesn't reopen the Strait of Hormuz.
Maryland Gov. Wes Moore criticized President Trump's handling of the Iran war on "Face the Nation." He told CBS News' Ed O'Keefe he's looking for "some clarity" about the war's goals, and warned it has driven up prices.
Amid the war in Iran, the nationwide average price for a gallon of regular is now $4.10. Soaring gas prices are also fueling new questions about the cost of the vehicles we drive. Ali Bauman has more from the New York Auto Show.
Goolsbee, president of the Federal Reserve Bank of Chicago, said mounting inflation risks "complicates the picture" on interest rates.
U.S. consumers are starting to feel the financial impact of the Iran war. Here's how the conflict is seeping into the economy.
The Cuban government says it has pardoned and released 2,010 prisoners, a sweeping move that comes as the island nation grapples with pressure from the Trump administration.
President Trump warned the U.S. "hasn't even started destroying what's left in Iran," and previewed that strikes on bridges and power plants could be next.
President Trump said Wednesday night that the U.S. military is on track to complete its objectives in Iran, but he did not offer a concrete plan for securing the Strait of Hormuz. CBS News national security analyst Aaron MacLean has more.
Oil prices surged again on Thursday after President Trump did not provide a clear timeline for the end of the Iran war or a potential reopening of the Strait of Hormuz during his nationwide address on Wednesday night. CBS News senior business and tech correspondent Jo Ling Kent has more.
Russia said Thursday it plans to send a second oil tanker to Cuba after the U.S. allowed a first shipment earlier this week to pass through its blockade amid an energy crisis on the island. Republican Rep. Maria Elvira Salazar of Florida joins "The Takeout" to discuss.
Stocks rebound after sliding in early-day trade, with investors buoyed by reports that Iran and Oman could monitor ship traffic in the Strait of Hormuz.
The world is reacting to President Trump's remarks to the nation on the Iran war, where he reiterated that the conflict could end in a matter of weeks. CBS News' Olivia Rinaldi and Ramy Inocencio report.
With gasoline topping $4 a gallon, it now costs almost $145 to fill up a Ford F-150 pickup truck, a new analysis finds.
President Trump addressed the Iran war, and the global economic response to his remarks is concerning. CBS News' Weijia Jiang reports.
Trump says he expects the U.S. war with Iran to end within several weeks despite unrelenting attacks from both sides and Iran's iron grip on the Strait of Hormuz.
President Trump addressed the nation Wednesday night about the Iran war. Tony Dokoupil anchored CBS News' special report.
President Trump sought to assure Americans that the conflict with Iran would be brief compared to other wars in U.S. history and insisted that gas prices would go down quickly. Nancy Cordes reports.
President Trump is set to give an update on the war in Iran on Wednesday evening in a prime-time address to the nation. CBS News' Ed O'Keefe previews the speech.
"The scary scenarios are, unfortunately, extremely plausible" if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.