Tankers and Tycoons | 60 Minutes Archive
In 1971, Mike Wallace reported on the Middle East oil tanker business, noting that "the oil tanker may just be the single most remarkable money-making instrument in the world today."
Oil and Gas
High oil prices are boosting airfares. These tips could save you money.
Planning a trip? Travel experts recommend booking your flight soon as the Iran war drives up airline and ticket costs.
Trump weighs Jones Act waiver amid rising fuel prices, White House says
Easing the century-old shipping law could help lower fuel prices as the Iran war pushes crude oil near $100 a barrel, experts say.
Trump administration allows purchase of Russian oil already at sea
The U.S. is temporarily allowing the purchase of Russian oil that's already at sea, in the Trump administration's latest move to loosen sanctions on Russia's oil industry as the world grapples with high oil prices.
Iran war disrupts global oil trade as Trump administration prepares to escort ships
Iran's relentless attacks on Gulf states and infrastructure appear to be overshadowing interventions by the U.S. and its allies aimed at easing energy prices.
Strait of Hormuz's impact on oil prices
Ship traffic in the Strait of Hormuz was mostly stopped amid the war in Iran on Thursday, which contributed to rising oil prices. The waterway typically carries around 20% of the world's supply of oil. On Wednesday, President Trump ordered the release of 172 million barrels of oil from emergency reserves. In a statement attributed to Iran's new Supreme Leader, Ayatollah Mojtaba Khamenei, he said Iran should keep putting pressure on the critical chokepoint.
Oil prices soar amid Iran war
Global energy prices remain elevated after Iran's new Supreme Leader vowed to keep the Strait of Hormuz closed in a statement released Thursday. Laura Sanicola, senior writer for Barron's, joins "The Daily Report" to discuss.
How rising diesel prices may affect inflation
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.
New Iranian Supreme Leader releases statement
Iran's new Supreme Leader, Ayatollah Mojtaba Khamenei, issued his first public statement Thursday since taking his new position. A broadcaster read the statement on Iranian state media. CBS News' Eleanor Watson and Willie James Inman have more.
Massive emergency oil release fails to stem investor fears
Attacks on shipping traffic and energy infrastructure in the Persian Gulf temporarily pushed oil back above $100 a barrel, stoking investor fears.
What will it take for ships to brave the Strait of Hormuz again?
Energy prices won't ease up until the Strait of Hormuz is secure, experts say. Here's what it will take to get the oil flowing again.
Iran attacks spill over to oil tankers
Iran attacked several Persian Gulf states overnight as the war entered Day 13. This comes as the price of oil continues to rise despite the U.S. announcing measures to tap into its reserves. Also, more details are emerging about the American forces injured in Kuwait and Israel's mission against Iran. CBS News' Natalie Brand and Ramy Inocencio report, and Daniel Shapiro, the former U.S. ambassador to Israel, joins with more insight.
Oil barrels from reserves being released
The U.S. and the International Energy Agency are releasing oil from their reserves as the average price of a gallon of gas in the U.S. has jumped 15% since the Iran war began. Kelly O'Grady explains if the moves will have any impact on the cost of gas.
Trump releasing 172 million barrels of oil from reserve as prices soar
President Trump ordered the release of 172 million barrels of oil from the U.S.'s Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
National security analyst on Strait of Hormuz
Iran is amplifying pressure on the Strait of Hormuz, the key choke point in the Middle East where 20% of the world's oil passes through. CBS News national security analyst Aaron MacLean has more.
What to know about the agency Trump says will insure ships in the Gulf
President Trump said the government agency will provide political risk insurance to "all shipping lines" operating in the Persian Gulf.
Pentagon says about 140 U.S. service members wounded since Iran war began
President Trump says the Iran war will end "very soon," but Tehran says it's "prepared to continue attacking" indefinitely, and it won't let oil leave the Gulf.
Risk insurance offered to tankers near Iran
President Trump is offering political risk insurance to any tankers operating near Iran as the Iran war continues. Jatin Dua, director of the Oceans Lab at the University of Michigan, joins "The Daily Report" to discuss.
Can the president bring down gas prices? 5 options available to Trump.
Gas prices in the U.S. have surged roughly 20% since the attack on Iran. Read on to see what measures the Trump administration could take to offer relief.
Could tapping the Strategic Petroleum Reserve lower gas prices?
The Strategic Petroleum Reserve is designed to cushion disruptions to U.S. oil supplies during emergencies.
World leaders eye oil reserves
Oil prices surged Monday to more than $119 per barrel but dropped by more than 10% on Tuesday. Meanwhile, world leaders are eyeing oil reserves as the Iran war continues to disrupt traffic through the Strait of Hormuz. Robert Schroeder, the Washington bureau chief at MarketWatch, has more.
Trump reacts to concerns over oil prices
President Trump said he "knew oil prices would go up," but it's been less than he anticipated after oil prices hit more than $100 per barrel on Monday. CBS News' Kelly O'Grady has more.
Iran fires drones at Saudi Arabia, Kuwait
Iran fired drones toward Saudi Arabia and Kuwait on Tuesday, officials said, as tensions over the global oil supply ramp up. CBS News intelligence and national security reporter Olivia Gazis has the latest.
Iran vows to keep fighting U.S., Israel
Iran continued retaliatory strikes across the Middle East and threatened to shut down the Strait of Hormuz. President Trump said Monday he would not allow "a terrorist regime to hold the world hostage and attempt to stop the globe's oil supply." CBS News chief correspondent Matt Gutman has the latest from Tel Aviv.
As U.S.-Israeli war with Iran intensifies, Trump says it is "ahead of schedule"
President Trump's assurances that a rising U.S. death toll and soaring energy prices will be temporary and worth the pain are failing to assuage jittery investors.
Nepal flash flood rescue efforts intensify as death toll rises
Rescuers pulled out survivors and helicopters lifted stranded people to safety as Nepal and China raced to respond after catastrophic flash floods killed hundreds of people.
Live
Iran war hits 6-month mark with no end in sight
President Trump insists Iran is "begging to make a deal" to end the war, but Tehran, and crucially China, say his economic warfare tactics will fail.
Judge temporarily blocks new Postal Service rules for mail voting
A federal judge on Thursday temporarily blocked the U.S. Postal Service from enforcing its new requirements for mail voting for the November midterm elections.
U.S. military uses laser to shoot down 3 cartel drones at southern border, Pentagon says
The U.S. military this week used a laser to shoot down three drones along the U.S.-Mexico border that were allegedly operated by drug cartels, the Pentagon said.
Judge rules Trump administration illegally punished AI firm Anthropic
A judge barred the Trump administration from enforcing a set of rules aimed at cutting off Anthropic from the federal government, ruling the administration had unconstitutionally punished the AI company for protected speech.
Fired Stars and Stripes journalists sue Hegseth and Pentagon spokesperson
The plaintiffs say the Trump administration is trying to fire them as a part of its "extraordinary censorship efforts."
Trump signs executive order to rename Lake Ontario "Lake America"
The executive order directs the Interior Department to update the Geographic Names Information System, changing the name of Lake Ontario to Lake America.
Norway's King Harald V, Europe's oldest monarch, dies at 89
King Harald V of Norway, Europe's oldest monarch, has died, the royal court says. He was 89.
Key moments from Lindsay Clancy's trial as jury weighs the case
Lindsay Clancy, 36, has pleaded not guilty to first-degree murder in the deaths of her three children and said she was suffering form postpartum psychosis. A jury is deliberating.
U.S.
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U.S. military uses laser to shoot down 3 cartel drones at southern border, Pentagon says
The U.S. military this week used a laser to shoot down three drones along the U.S.-Mexico border that were allegedly operated by drug cartels, the Pentagon said.
El-Sayed says he's spoken with Jeremy Moss after Hasan Piker's comments
Abdul El-Sayed, the Democratic nominee in Michigan's U.S. Senate race, says now is the time for Democrats to work together ahead of the 2026 midterm election.
Cyclospora outbreak tied to 3 more states, FDA says
U.S. officials have confirmed cases of a parasitic illness tied to lettuce in three more states: Georgia, Tennessee and Texas.
Closing arguments in trial of man accused in Tupac's murder expected Monday
Both sides have rested in the murder trial of Duane "Keffe D" Davis, who prosecutors allege orchestrated the 1996 murder of Tupac Shakur.
Marine One's warning calls before mishap went unheard by air traffic controllers
The NTSB said tower recordings show controllers never heard Marine One's Aug. 4 calls warning it was preparing to take off, though separate recordings confirm the calls were made.
MoneyWatch
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OpenAI, Anthropic warn AI cyberattacks could surge in coming months
Hospitals, technology firms and other companies could soon be at risk from AI-enabled cyberattacks, according to a new open letter from more than 100 signatories.
Netflix offers extended pre-launch look at Grand Theft Auto 6
The latest GTA game is scheduled to drop on Nov. 19, more than 13 years after the last installment was released.
Fed's Cook responds to Trump firing threat, calls attacks "unfounded and untrue"
A lawyer for Federal Reserve Governor Lisa Cook said she "has never committed mortgage fraud or any intentional wrongdoing."
Trump's oil and gas stock trades continued during Iran war, filings show
President Trump has accused oil companies like Chevron and ExxonMobil of "making too much money." He owns shares of both.
Bill Gates issues stark warning about AI's impact on American jobs
In a nearly 6,000-word essay, Gates argues that artificial intelligence poses a mounting threat to U.S. workers.
Politics
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U.S. military uses laser to shoot down 3 cartel drones at southern border, Pentagon says
The U.S. military this week used a laser to shoot down three drones along the U.S.-Mexico border that were allegedly operated by drug cartels, the Pentagon said.
Judge rules Trump administration illegally punished AI firm Anthropic
A judge barred the Trump administration from enforcing a set of rules aimed at cutting off Anthropic from the federal government, ruling the administration had unconstitutionally punished the AI company for protected speech.
Judge temporarily blocks new Postal Service rules for mail voting
A federal judge on Thursday temporarily blocked the U.S. Postal Service from enforcing its new requirements for mail voting for the November midterm elections.
El-Sayed says he's spoken with Jeremy Moss after Hasan Piker's comments
Abdul El-Sayed, the Democratic nominee in Michigan's U.S. Senate race, says now is the time for Democrats to work together ahead of the 2026 midterm election.
ICE grants $16.7 million contract to buy thousands of electric shock gloves
ICE has granted a $16.7 million no-bid contract for 6,000 gloves that can deliver electric shocks, a new use-of-force tool that the agency claims will help officers control resisting detainees.
HealthWatch
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Cyclospora outbreak tied to 3 more states, FDA says
U.S. officials have confirmed cases of a parasitic illness tied to lettuce in three more states: Georgia, Tennessee and Texas.
FDA approves new pancreatic cancer drug that could extend patients' lives
Patients taking the first-of-a-kind pill, called daraxonrasib, lived for a median of 13.2 months compared with 6.7 months for chemotherapy recipients, studies showed.
Secrets of the gut microbiome and how it impacts our long-term brain health
Dr. Laura Cox, an assistant professor at Brigham and Women's Hospital and Harvard Medical School, explains how our dietary patterns play a significant role in our gut and long-term brain health.
Pennsylvania records first 2 measles deaths in 35 years
Pennsylvania has recorded its first two deaths connected to measles in 35 years.
At least 1 in 4 ex-NFL players who died from 2016 to 2021 had CTE, study finds
The rate is much higher than is seen in the general population. CTE is a brain disease linked to repeated blows to the head.
World
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Tigers, jaguars, bison found in raid on fuel smugglers near U.S. border
Smuggling gasoline and diesel from the U.S. into Mexico and reselling it tax-free is a huge money-maker for organized crime gangs, including drug cartels.
Live
Iran war hits 6-month mark with no end in sight
President Trump insists Iran is "begging to make a deal" to end the war, but Tehran, and crucially China, say his economic warfare tactics will fail.
Norway's King Harald V, Europe's oldest monarch, dies at 89
King Harald V of Norway, Europe's oldest monarch, has died, the royal court says. He was 89.
Nepal flash flood rescue efforts intensify as death toll rises
Rescuers pulled out survivors and helicopters lifted stranded people to safety as Nepal and China raced to respond after catastrophic flash floods killed hundreds of people.
Toronto mayor calls tariff fight "unnecessary"
Toronto Mayor Olivia Chow told CBS News that around 5,000 jobs in Toronto's textile, clothing and leather manufacturing industries could be affected, which "means the price of Americans buying things, the cost will go up."
Entertainment
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Entertainment
Exclusive look at Grand Theft Auto VI
Netflix is sharing a look at the highly anticipated video game Grand Theft Auto VI, set to be released in November. Jordan Minor, a gaming writer at PCMag and author of "Video Game of the Year," joins "The Daily Report."
How Dolly Parton supported the Black community
Nashville historian David Ewing joins "The Daily Report" to break down how Dolly Parton used her royalties from Whitney Houston's rendition of "I Will Always Love You" to uplift the Black community in the city.
Closing arguments in trial of man accused in Tupac's murder expected Monday
Both sides have rested in the murder trial of Duane "Keffe D" Davis, who prosecutors allege orchestrated the 1996 murder of Tupac Shakur.
Dolly Parton offered to try experimental drugs if "no hope" in her cancer battle
"She told me recently that if there was no hope for her, she would still allow her medical team to try experimental drugs in the hope of helping others in the future," Stella Parton said in a Facebook post.
Netflix offers extended pre-launch look at Grand Theft Auto 6
The latest GTA game is scheduled to drop on Nov. 19, more than 13 years after the last installment was released.
Technology
More Technology
OpenAI, Anthropic warn AI cyberattacks could surge in coming months
Hospitals, technology firms and other companies could soon be at risk from AI-enabled cyberattacks, according to a new open letter from more than 100 signatories.
Bill Gates' dire warning about AI
Microsoft founder and computer pioneer Bill Gates changed the world forever with his technological innovation. Now, Gates is warning that the development of artificial intelligence without strong oversight and regulation could threaten society as we know it. MIT professor Max Tegmark shares his concerns.
How AI powered robots are helping small farms
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.
Meta settles social media addiction suit
A series of lawsuits accused tech giant Meta of purposefully designing social media apps to entice users and cause social media addiction. Meta will pay out $17 billion in a landmark settlement. CBS News' Jarred Hill reports.
Why does the Meta settlement matter?
Meta's multi-billion dollar settlement with 47 states over social media addiction could result in some major changes to social media rules, especially for children. Nicholas Thompson, CEO of The Atlantic, joins with more.
Science
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Invasive Joro spiders are "slowly spreading." Here's what to do if you see one.
The Great Smoky Mountains National Park told visitors Tuesday that invasive Joro spiders "may be hanging in a web near you."
A summer of extremes: Weathering a hotter world
July was the hottest month ever in the Lower 48 States – another escalation of our world into a hotter, more dangerous planet, where extreme weather events – such as heat waves, wildfires and hurricanes – will become more common and more extreme.
A summer of extremes: Weathering a hotter world
July was the hottest month ever in the Lower 48 States, breaking a record last set during the Dust Bowl – just another step in the escalation of our world into a hotter, more dangerous planet. Correspondent Jonathan Vigliotti talks with climate journalist Jeff Goodell and atmospheric scientist Maria Molina about how changes in Earth's climate are increasing the likelihood that extreme weather events – such as heat waves, wildfires and hurricanes – will become more common and more extreme.
Views of the total solar eclipse in Europe
A total solar eclipse was visible in parts of Europe for the first time since 1912. Rob Marciano reports.
Europe sees total solar eclipse
A total solar eclipse turned day into night across a slice of Europe and North America on Wednesday, and put millions in unique contact with the heavens above. Meteorologist Rob Marciano reports from Spain.
Crime
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Crime
Second deliberation day in Clancy trial
The jury is deliberating in Lindsay Clancy's murder trial after closing arguments laid out the prosecution and defense cases. CBS News' Shanelle Kaul reports.
Tigers, jaguars, bison found in raid on fuel smugglers near U.S. border
Smuggling gasoline and diesel from the U.S. into Mexico and reselling it tax-free is a huge money-maker for organized crime gangs, including drug cartels.
Why some Clancy trial jurors won't deliberate
Jurors began deliberations in Lindsay Clancy's murder trial on Thursday after the prosecution and defense wrapped closing arguments. Boston criminal defense attorney and legal analyst Elyse Hershon joins CBS News to discuss.
Jury to consider lesser charges in Clancy trial
The judge in Lindsay Clancy's trial directed jurors to consider lesser criminal charges in addition to first-degree murder as deliberations began on Thursday. CBS News legal contributor Jessica Levinson has more.
Sailboat theft ends in deadly shootout
What started with the theft of a luxury sailboat near the foot of Manhattan ended with a deadly police shootout in Rhode Island. Tom Hanson has the details.
Space
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First on CBS
Trump to honor Artemis II crew with nation's top space medal
President Trump plans to award the Congressional Space Medal of Honor to the crew of NASA's Artemis II mission in a ceremony Aug. 28.
NASA's Swift telescope will plunge toward Earth after rescue mission called off
The mission to save NASA's sinking space telescope has been called off, dooming the telescope to a fiery reentry later this year.
NASA images show 60-foot-wide crater on moon after SpaceX rocket booster crash
A NASA spacecraft circling the moon is providing the sharpest views yet of the crater carved by a crashing SpaceX rocket.
New space object called "black hole star" discovered by astronomers
The newly discovered object looks like a star the size of our solar system, but produces 100 billion times more energy than any star.
Stunning photos show total solar eclipse over Europe
The only total solar eclipse of 2026 crossed the Northern Hemisphere Wednesday, with a path of totality across parts of Greenland, Iceland and northern Spain. See photos and video from the best viewing locations.
Latest Galleries
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Notable Deaths in 2026
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Dolly Parton: An extraordinary life in pictures
Dolly Parton, the country music legend who became a feminist icon, has died at the age of 80. Here is a look back at her life in pictures.
Summer music highlights of 2026
Summer is the time to enjoy live music, indoors and out. Scroll through our gallery of some of 2026's leading musical acts, featuring images by CBS News photojournalist Jake Barlow and photographers Ed Spinelli and Kirstine Walton.
Investigating the death of designer Sylvie Cachay
Sylvie Cachay was found dead in an overflowing bathtub at the exclusive Soho House in New York City on Dec. 9, 2010. A water leak at the hotel gave away a timeline that may have revealed her killer.
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Latest CBS News Videos
More Latest CBS News Videos
Latest CBS News Videos
Second deliberation day in Clancy trial
The jury is deliberating in Lindsay Clancy's murder trial after closing arguments laid out the prosecution and defense cases. CBS News' Shanelle Kaul reports.
DOJ in court over Kennedy Center and Trump again
The Kennedy Center Board, made up of President Trump and his allies, is again fighting to display Mr. Trump's name on the building's facade. CBS News Justice Department reporter Jake Rosen has the latest on Thursday's court hearing.
Why some Clancy trial jurors won't deliberate
Jurors began deliberations in Lindsay Clancy's murder trial on Thursday after the prosecution and defense wrapped closing arguments. Boston criminal defense attorney and legal analyst Elyse Hershon joins CBS News to discuss.
NFL teams finalize rosters ahead of season
Tyler Dragon, an NFL reporter at USA Today, joins "The Daily Report" to break down what to expect from the upcoming football season.
Exclusive look at Grand Theft Auto VI
Netflix is sharing a look at the highly anticipated video game Grand Theft Auto VI, set to be released in November. Jordan Minor, a gaming writer at PCMag and author of "Video Game of the Year," joins "The Daily Report."