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.
Trump extends ceasefire in Iran indefinitely
President Trump said he's extending the ceasefire until Iran has submitted a proposal in talks with the U.S. "and discussions are concluded."
DOJ charges Southern Poverty Law Center with fraud
A federal grand jury indicted the Southern Poverty Law Center on wire and bank fraud-related charges on Tuesday, the Justice Department says, accusing it of paying members of extremist groups as part of its efforts to investigate them.
Live
Trump extends ceasefire as uncertainty over U.S.-Iran peace talks remains
With a two-week ceasefire set to expire and Iran balking at the resumption of peace talks, President Trump said he would be extending the deadline to allow for Iran to "come up with a unified proposal."
Cherfilus-McCormick resigns from Congress before hearing on sanctions
The Florida Democrat stepped down shortly before a House Ethics Committee hearing to determine whether she should be punished.
Lawmakers demand answers at hearing on hospice fraud
Congress asks experts, advocates and victims how to combat hospice fraud, after a CBS News investigation uncovered widespread signs of potential fraud in California.
Senate GOP advances budget resolution, kickstarting process to fund ICE
Senate Republicans advanced a budget resolution to begin the process of funding immigration agencies under DHS without help from Democrats.
Will gas dip below $3 a gallon this year? Here's what experts think.
It could take months for U.S. gas prices to recede to their level before the outbreak of war in Iran, economists and energy experts say.
Virginia Democrats seek 10-1 congressional map with voter referendum
The referendum is seeking to amend the state's constitution to use the Democratic-controlled Assembly's redrawn congressional maps, which will give Democrats an advantage in 10 of the state's 11 House districts.
FBI investigating deaths, disappearances of staff at government labs
The disappearances and deaths of 10 government workers tied to nuclear or space technology have sparked speculation online. President Trump said the cases are "hopefully, coincidence."
U.S.
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Contract reveals fundraising deal for Trump's East Wing overhaul
The agreement, which was signed this fall, ensures donor anonymity, establishes a fee structure and institutes a ban on foreign contributions.
Florida opens criminal probe into OpenAI over ChatGPT's alleged role in FSU shooting
Attorney General James Uthmeier said his office launched a criminal investigation into OpenAI after reviewing conversation logs between ChatGPT and a Florida State University student accused of killing two people last year.
Meta failed to protect social media users from scam ads, lawsuit alleges
The Consumer Federation of America accused Meta of allowing scam advertisements to "proliferate on its platforms."
Lawmakers demand answers at hearing on hospice fraud
Congress asks experts, advocates and victims how to combat hospice fraud, after a CBS News investigation uncovered widespread signs of potential fraud in California.
Trump extends ceasefire in Iran indefinitely
President Trump said he's extending the ceasefire until Iran has submitted a proposal in talks with the U.S. "and discussions are concluded."
MoneyWatch
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Meta failed to protect social media users from scam ads, lawsuit alleges
The Consumer Federation of America accused Meta of allowing scam advertisements to "proliferate on its platforms."
UPS, FedEx and DHL file for tariff refunds. What it means for consumers.
Shippers have pledged to share refunds with customers who paid tariffs once the government issues refunds.
Will gas dip below $3 a gallon this year? Here's what experts think.
It could take months for U.S. gas prices to recede to their level before the outbreak of war in Iran, economists and energy experts say.
Kevin Warsh testifies that the Fed will remain "strictly independent"
Warsh, nominated by President Trump to replace Fed Chair Jerome Powell, also said he'll work with the White House on some matters.
Who will run the Federal Reserve if the Senate doesn't confirm Trump's pick?
President Trump is fighting to reshape the Federal Reserve by replacing Chair Jerome Powell with Kevin Warsh — but if the Senate doesn't confirm Warsh by next month, it's not clear who will run the nation's central bank.
Politics
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Contract reveals fundraising deal for Trump's East Wing overhaul
The agreement, which was signed this fall, ensures donor anonymity, establishes a fee structure and institutes a ban on foreign contributions.
Lawmakers demand answers at hearing on hospice fraud
Congress asks experts, advocates and victims how to combat hospice fraud, after a CBS News investigation uncovered widespread signs of potential fraud in California.
Trump extends ceasefire in Iran indefinitely
President Trump said he's extending the ceasefire until Iran has submitted a proposal in talks with the U.S. "and discussions are concluded."
Cherfilus-McCormick resigns from Congress before Ethics hearing on sanctions
The Florida Democrat stepped down shortly before a House Ethics Committee hearing to determine whether she should be punished.
Senate GOP advances budget resolution, kickstarting process to fund ICE
Senate Republicans advanced a budget resolution to begin the process of funding immigration agencies under DHS without help from Democrats.
HealthWatch
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Food stamp work rules don't increase employment, researchers say
Work requirements will encourage people who are able to work to seek and maintain jobs, proponents say. But researchers haven't found that they lower the unemployment rate.
New CDC pick may face "threat to follow ideology over evidence," ex-official says
Former Trump Surgeon General Dr. Jerome Adams described Dr. Erica Schwartz as a "home run pick."
Trump signs executive order to research psychedelics for mental health
The order will open the door for more research into psychedelic drugs, including ibogaine, sources told CBS News earlier this week.
Mom's labor turns into fight for life after 1 symptom: "I think I'm about to die"
Casey Gould wanted to be a mom her whole life. Her long-awaited pregnancy went smoothly — until she saw something alarming.
Dr. Erica Schwartz nominated for CDC director
President Trump nominated a new director for the Centers for Disease Control and Prevention on Thursday. Dr. Erica Schwartz is a former deputy surgeon general and retired Coast Guard rear admiral.
World
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Trump says U.K.'s Starmer can "recover" as Epstein scandal hits him again
Trump says British leader Keir Starmer has "time to recover" from the latest scandal over his decision to tap an Epstein associate as his U.S. ambassador.
Iran war shows "era of fossil fuel security is over," says U.K energy secretary
President Trump recently encouraged the U.K. to "drill baby, drill" in the oil-rich North Sea.
NATO intercepts Russian bombers and fighter jets over Baltic Sea
The Russian mission included two supersonic Tu-22M3s, as well as about 10 fighters, the French detachment said.
Mass murder trial in El Salvador for almost 500 alleged MS-13 members
Nearly 500 alleged MS-13 members, including several alleged leaders, are on trial collectively in El Salvador, accused of thousands of murders.
Live
Trump extends ceasefire as uncertainty over U.S.-Iran peace talks remains
With a two-week ceasefire set to expire and Iran balking at the resumption of peace talks, President Trump said he would be extending the deadline to allow for Iran to "come up with a unified proposal."
Entertainment
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Entertainment
Opening statements in Weinstein rape retrial
Opening statements have concluded in Harvey Weinstein's New York rape retrial. CBS News' Jericka Duncan has more.
D4vd charged with murder in14-year-old's death
Singer D4vd appeared in court Monday, hours after prosecutors announced he would be charged with first-degree murder in the death of 14-year-old Celeste Rivas Hernandez. Matt Gutman reports.
Details on charges against D4vd in teen's death
Los Angeles prosecutors on Monday charged singer D4vd in the murder of a 14-year-old girl whose dismembered body was found in his car last year. CBS News chief correspondent Matt Gutman has the details.
What to know on the "Matlock" season finale
"Matlock" stars Skye P. Marshall and Jason Ritter join CBS News with more clues ahead of the show's season finale.
Indigo Girls' member reveals incurable medical disorder affecting her voice
Emily Saliers, one-half of the Atlanta folk duo The Indigo Girls, has revealed that she has been diagnosed with two incurable movement disorders that will forever change the way that she sings.
Technology
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Technology
Where does Apple go after Tim Cook?
Apple CEO Tim Cook will step down in September after 15 years at the helm of the company. CBS Sunday Morning correspondent David Pogue joins to discuss Cook's legacy and where Apple's future could lead.
Meta failed to protect social media users from scam ads, lawsuit alleges
The Consumer Federation of America accused Meta of allowing scam advertisements to "proliferate on its platforms."
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.
How Tim Cook's Apple exit impacts big tech
Tim Cook announced he's stepping down as Apple CEO after nearly 15 years. Anna Rathbun, the CEO and founder of Grenadilla Advisory, joins with more.
Major change at Apple
Apple CEO Tim Cook announced he is stepping down from his leadership role running one of the world's biggest companies. CBS News contributor Patrick McGee joins CBS News with more details.
Science
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Mars rover carries out chemistry experiment never done beyond Earth
"This experiment's never been run before on another world," said Amy Williams, an astrobiologist working on the Curiosity mission.
Cementing a more sustainable alternative to concrete
The process of making 30 billion tons of concrete every year produces more carbon pollution than all the world's ships and planes put together. Now, the North Carolina and Denmark-based Biomason is using biotechnology, including naturally-occurring microbes, to create "biocement" that's just as sturdy but emits much less CO2. David Pogue reports.
Breeding a better bread
Over the past century, the cultivation and processing of wheat has led to strains of grain that are less nutritious, less flavorful, and more vulnerable to climate change. The researchers at Breadlab, at Washington State University, are trying to breed varieties of whole grains that are better for farmers, consumers – and taste buds. David Pogue reports.
Using the ocean to power data centers
The renewable energy company Panthalassa says it has a solution to the proliferation of AI data centers, which consume massive amounts of energy and are the cause of increased carbon pollution: sea-based data centers, powered by wave energy.
Using the ocean to power data centers
The renewable energy company Panthalassa says it has a solution to the proliferation of AI data centers, which consume massive amounts of energy and are the cause of increased carbon pollution: sea-based data centers, powered by wave energy. Correspondent David Pogue examines what Panthalassa's alternative to land-based data centers may mean.
Crime
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Crime
Disappearances, deaths of staff at federal labs
The FBI is investigating the cases of at least 10 staffers at secret government labs who have either died or disappeared. CBS News' Anna Schecter has the details.
D4vd pleads not guilty to first-degree murder
Singer and songwriter D4vd is facing several charges linked to the death of 14-year-old Celeste Rivas Hernandez. CBS News' Matt Gutman has the latest.
Weinstein faces third rape trial in New York
Disgraced Hollywood mogul Harvey Weinstein will be in a Manhattan courtroom on Tuesday for trial. He is accused of third-degree rape. CBS News' Jericka Duncan reports.
Shooting at Mexico's Teotihuacán pyramids
A Canadian tourist was killed, and 13 others were injured, during a shooting at the popular Teotihuacán pyramids in Mexico, officials confirmed. CBS News' Bradley Blackburn reports.
D4vd charged with murder, pleads not guilty
Singer D4vd pleaded not guilty Monday to first-degree murder in the death of 14-year-old Celeste Rivas Hernandez. If convicted he could face the death penalty.
Space
More Space
Mars rover carries out chemistry experiment never done beyond Earth
"This experiment's never been run before on another world," said Amy Williams, an astrobiologist working on the Curiosity mission.
Blue Origin New Glenn rocket puts satellite payload into wrong orbit
The launching appeared to go off without a hitch, but a problem prevented the rocket's upper stage from putting its payload into the correct orbit.
Artemis II crew on historic moon mission and what it means for Earth
"We are carrying back everything we learned, not only about where we went but ourselves," mission specialist Christina Koch told "CBS Evening News" anchor Tony Dokoupil.
Artemis II astronauts still awed by moonshot experience: "It was otherworldly"
The four Artemis II astronauts struggled to describe the view and overall experience of flying around the moon's far side and witnessing a solar eclipse in deep space.
"God of chaos" asteroid will pass close to Earth in 3 years, NASA says
People on the ground in the Eastern Hemisphere will be able to observe the asteroid with their own eyes, weather permitting, according to NASA.
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.
Evidence in the Barbara Kendhammer case
Does the evidence show a cover-up, or was Todd Kendhammer wrongfully convicted for the murder of his wife?
The life & near death of prizefighter Christy Salters-Martin
Christy Salters-Martin dominated in the boxing ring but faced her toughest challenger at home.
Timeline: The disappearance of George Smith
Family seeks answers in death of newlywed who disappeared in 2005 while on Mediterranean honeymoon cruise.
Who is Alix Tichelman?
Meet the tattooed beauty charged in the death of Google executive Forrest Hayes.
Latest CBS News Videos
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Latest CBS News Videos
Sheila Cherfilus-McCormick resigns
Democratic Florida Rep. Sheila Cherfilus-McCormick resigned from Congress on Tuesday, shortly before the start of a House Ethics Committee hearing to consider recommended punishment over allegations of campaign finance fraud. CBS News' Taurean Small reports.
Where does Apple go after Tim Cook?
Apple CEO Tim Cook will step down in September after 15 years at the helm of the company. CBS Sunday Morning correspondent David Pogue joins to discuss Cook's legacy and where Apple's future could lead.
JD Vance's Pakistan trip canceled
President Trump has extended the ceasefire with Iran. After the announcement, a White House official said the second round of in-person peace talks in Pakistan is on hold. Vice President JD Vance was expected to lead a delegation of U.S. negotiators to Islamabad on Tuesday. CBS News' Olivia Rinaldi and Courtney Kealy report.
Ex-Google executive running for Florida House seat
Former Google executive Hector Mujica was seeking to fill the Florida Senate seat left by Marco Rubio in this November's special election, but the Democrat has since dropped out and declared his candidacy for the state's 28th Congressional District. Mujica joins "The Takeout" to discuss his campaign and more.
What precedent would Virginia redistricting set?
The nationwide redistricting fight has reached Virginia, where voters are weighing a referendum on Tuesday to allow the commonwealth to redraw its congressional map. CBS News election law contributor David Becker joins with analysis. Then, George Allen, former Republican Virginia governor and senator, joins to discuss his opposition to the effort.