United Arab Emirates says it will permanently leave OPEC on May 1
UAE officials said the decision to depart the OPEC oil cartel comes after an "extensive review" of the country's oil production policy.
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UAE officials said the decision to depart the OPEC oil cartel comes after an "extensive review" of the country's oil production policy.
On average, domestic airfare is up about 18% compared to last year. A key factor is the surging fuel costs for airlines amid the war with Iran. Now, several low-cost carriers have asked the government for help as they grapple with the high cost of fuel. Kris Van Cleave spoke with Southwest's CEO about the impact of fuel costs.
Energy prices keep rising with no sign of progress toward a deal to end the U.S.-Iran standoff and Hezbollah rejecting the Lebanon ceasefire.
Iranian Foreign Minister Abbas Araghchi returned to Islamabad on Sunday, where he participated in talks focused on ending the war with the U.S., Iranian state media reported.
Airlines worldwide are taking extraordinary measures to keep flying and in business as they face soaring costs, much of it driven by the conflict with Iran. Ian Lee reports from Burbank, California.
Chevron CEO Mike Wirth spoke with "Face the Nation" moderator Margaret Brennan about what he would need to see to feel confident sending a ship through the Strait of Hormuz.
Following a second round of peace talks in Washington, President Trump announced that the Israel-Lebanon ceasefire had been extended by three weeks.
Iran renews attacks in the Strait of Hormuz after Trump says he's extending a ceasefire indefinitely, as thousands more U.S. forces head for the region.
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.
U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?
Jacqui Gifford, the editor-in-chief for Travel + Leisure, breaks down how the Iran war is impacting travel and how to get the best bang for your buck on your summer vacations.
Iran balked at President Trump's demands for a peace deal amid a standoff over the Strait of Hormuz, as fear the war could reignite hits oil and energy markets.
President Trump says he sent a U.S. delegation to Pakistan for another round of peace talks with Iran Monday but Tehran says it doesn't plan to participate.
President Trump accused Iran of blackmailing the U.S. on Saturday, but there is some relief for Americans. Gas prices fell, averaging just over $4 a gallon nationwide. Olivia Rinaldi reports from the White House on the war's ripple effects.
Prices dropped after Iran's foreign minister said the Strait of Hormuz is "completely open" for the remainder of the Israel-Lebanon ceasefire.
With word of the Strait of Hormuz reopening, the stock market soared on Friday. Oil prices dropped about 10%, and as a result, gas prices ticked downward. Kelly O'Grady breaks it all down.
Rising jet fuel prices are forcing airlines to cut routes and trim schedules.
Americans are grappling with rising prices that are already being driven by inflation. This comes as the war in Iran continues to affect oil and gas costs. CBS News' Lana Zak reports.
Since the war in Iran began, the cost of jet fuel has doubled due to shortages. Now, the head of the International Energy Agency says Europe has "maybe six weeks or so" of jet fuel left if disruptions in the Strait of Hormuz continue. Airlines around the world are now canceling flights and increasing fares and fees. Kris Van Cleave explains.
Jet fuel prices have nearly doubled as the Middle East conflict continues. CBS News' Kris Van Cleave reports.
The leaders of Lebanon and Israel agreed to start a 10-day truce at 5 p.m. Eastern Time Thursday.
After weeks of enduring high gas prices, drivers appear to be seeing some relief at the pump. Patrick De Haan, the head of petroleum analysis for GasBuddy, joins "The Daily Report" with more.
President Trump went to Las Vegas on Thursday to try to change the subject from war to the economy, downplaying rising gas prices. Caitlin Huey-Burns reports.
When it comes to increased costs, the conflict with Iran appears to be affecting many aspects of American life, from transportation to food production. CBS News senior business and tech correspondent Jo Ling Kent reports.
Investors appear to be looking beyond current fears linked to the Iran war. CBS News' Jill Schlesinger reports.