Trump asks allies to help secure Strait of Hormuz
President Trump continued to press other nations to help open up the Strait of Hormuz as the war with Iran entered its third week. Ed O'Keefe has details.
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President Trump continued to press other nations to help open up the Strait of Hormuz as the war with Iran entered its third week. Ed O'Keefe has details.
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White House press secretary Karoline Leavitt told CBS News' Nancy Cordes that President Trump has a right to ask allies for help with reopening the Strait of Hormuz. CBS News' Charlie D'Agata, Imtiaz Tyab and Nancy Cordes have more.
The stock market appears optimistic that the war in Iran will end soon and that oil prices will drop. Joy Wiltermuth, a reporter for MarketWatch, joins CBS News with more details.
Gas prices have jumped almost 79 cents per gallon from a month ago, raising fresh inflation concerns.
President Trump is trying to soothe concerns over rising oil and gas prices. This comes as he calls on allies to help protect ships on the Strait of Hormuz from Iranian attacks. CBS News' Charlie D'Agata and Imtiaz Tyab report.
Even if oil prices ease, they won't return to the levels they were at before the war started, according to Patrick De Haan of GasBuddy.
President Trump is calling on other countries to help reopen the Strait of Hormuz, a narrow waterway south of Iran that's crucial to moving oil tankers in and out of the Persian Gulf. Imtiaz Tyab has the latest.
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.
President Trump called on countries like the U.K., France, South Korea, Japan and even China to help keep the Strait of Hormuz open as Iran tries to strangle the flow of oil from the region. Charlie D'Agata reports.
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Qatar, home to the largest U.S. military base in the Middle East, has been hit by Iranian retaliatory strikes amid the U.S.-Israeli war. Dr. Majed Mohammed Al-Ansari, who is the official spokesperson of Qatar's Ministry of Foreign Affairs, told CBS News' Imtiaz Tyab that the region needs "an end to this as soon as possible," warning, "a prolonged conflict in this region will have a profound impact" on the energy industry.
President Trump said Friday night on social media that the U.S. struck a key Iranian oil hub on Kharg Island as tensions over the global oil supply ramp up amid Iran's closure of the Strait of Hormuz.
Then-President Richard Nixon addressed the nation from the Oval Office during the 1973 energy crisis. Fueled by the Yom Kippur War, members of the Organization of the Petroleum Exporting Countries in the Middle East banned the sale of oil to the U.S. and other countries, sharply raising gas prices for Americans as they faced their first fuel shortage since WWII.
On Nov. 29, 1973, CBS News aired a special report titled "Making It Through This Winter," spotlighting the ways Americans were making do amid the oil crisis. Watch the program in full.
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."
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Easing the century-old shipping law could help lower fuel prices as the Iran war pushes crude oil near $100 a barrel, experts say.
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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.
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.
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.
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.
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.
Attacks on shipping traffic and energy infrastructure in the Persian Gulf temporarily pushed oil back above $100 a barrel, stoking investor fears.
U.N.-commissioned rights experts say there are "reasonable grounds" to believe the U.S. committed war crimes with strikes that killed scores of Iranian civilians.
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Iranian forces in recent days have brought down at least two American MQ-1 unmanned aircraft, according to U.S. officials familiar with the matter.
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Iranian forces in recent days have brought down at least two American MQ-1 unmanned aircraft, according to U.S. officials familiar with the matter.
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Iranian forces in recent days have brought down at least two American MQ-1 unmanned aircraft, according to U.S. officials familiar with the matter.
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