How high could oil and gas prices go if the Strait of Hormuz remains closed?
"The scary scenarios are, unfortunately, extremely plausible" if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.
Strait of Hormuz
What to know ahead of Trump Iran war address
President Trump is set to address the nation about the Iran war as the world awaits an end to the conflict in the Middle East. CBS News' Weijia Jiang, who spoke to Mr. Trump on Tuesday, reports.
Majority of recent ship traffic through Strait of Hormuz linked to Iran
Trump said Iran gave him the "present" of letting eight oil tankers through the Strait of Hormuz, but the majority of ships making the passage are Iranian, including
Trump says Iran war could wrap up in 2-3 weeks as gas prices rise
President Trump indicated the Iran war may wrap up "very soon" and he could abandon efforts to force Iran to reopen the Strait of Hormuz, as the war pushed U.S. gas prices over the $4 mark.
Trump says allies must "come in and take care of" Strait of Hormuz
President Trump told CBS News that he is not ready "quite yet" to abandon efforts to force Iran to reopen the Strait of Hormuz amid the Iran war, despite a Truth Social post suggesting allies need to do it themselves.
Trump criticizes Europeans over Strait of Hormuz
President Trump lashed out at European allies who he said haven't done enough to help reopen the Strait of Hormuz to oil tanker traffic. Weijia Jiang has details.
Potential ground troops could target Kharg Island
President Trump and Defense Secretary Pete Hegseth have not ruled out a potential ground operation in the ongoing war with Iran. Military experts told CBS News that one of the places troops could be sent is Kharg Island, about 15 miles off the Iranian coast. CBS News national security analyst Aaron MacLean breaks it down.
Average gas price spikes above $4
The U.S. is pressing forward with its strikes against Iran as the White House pushes for Tehran to make a deal to reopen the Strait of Hormuz. CBS News' Kelly O'Grady, Eleanor Watson and Nancy Cordes report.
What if the Strait of Hormuz stays closed?
The Wall Street Journal reports President Trump has considered ending the war in Iran without reopening the Strait of Hormuz. On Tuesday, he told the New York Post it would reopen automatically. CBS News national security analyst Aaron MacLean joins "The Takeout" to examine the situation.
Trump: U.S. not leaving Strait of Hormuz yet
President Trump told CBS News on Tuesday that he's not ready "quite yet" to abandon his bid to force Iran to reopen the Strait of Hormuz. CBS News senior White House correspondent Weijia Jiang has the details.
Rising oil costs hurting farmers, small businesses
AAA announced Tuesday that the average U.S. gas price has topped $4 a gallon. CBS News correspondent Lana Zak reports on how the costs are impacting businesses. Then, Justin Wolfers, professor of public policy and economics at the University of Michigan, joins with analysis.
Iran strikes Kuwait oil tanker: state media
A Kuwait oil tanker was Iran's latest target in the fight over the Strait of Hormuz, state media reported Tuesday. President Trump has threatened to strike Iran's energy plants if the strait is not reopened. CBS News White House reporter Aaron Navarro has more.
Farmer says he's spending hundreds more on fuel
The average U.S. gas price has topped $4 a gallon for the first time since August 2022, AAA announced on Tuesday. Diesel fuel prices have also jumped significantly since the start of the war in Iran. CBS News' Lana Zak and Kelly O'Grady have the latest.
CBS News speaks with Trump on Iran
President Trump told CBS News' Weijia Jiang on Tuesday that the U.S. isn't withdrawing "quite yet" from the war with Iran, and urged U.S. allies to be more helpful with reopening the Strait of Hormuz. CBS News' Natalie Brand has more.
Hegseth backs Trump on Strait of Hormuz
Secretary of Defense Pete Hegseth said that the upcoming days of the Iran war "will be decisive," and reiterated President Trump's criticism of U.S. allies for not helping at the Strait of Hormuz. CBS News' Eleanor Watson has more.
Key details on Iran war as Trump slams allies
President Trump is slamming U.S. allies for their lack of cooperation in the Strait of Hormuz. CBS News reporter Olivia Rinaldi, contributor Elliot Ackerman and correspondent Elizabeth Palmer have more.
Trump slams U.S. allies again
President Trump slammed U.S. allies on social media Tuesday morning for not helping the U.S. in the Strait of Hormuz. CBS News' Weijia Jiang has more.
Why Kharg Island is essential to Iran
Iran's Kharg Island is crucial to the country's economy due to its role as an oil export hub. CBS News' Michael George explains.
Trump threatens to invade Iran, "obliterate" its energy resources
Energy markets remain volatile as President Trump threatens Iran with an invasion to seize its oil while also suggesting a deal could soon end the war.
What latest deployment signals about Iran war
Sources confirmed to CBS News that the latest deployment to the Middle East includes special operation forces, like Navy SEALs and Army Rangers, in addition to thousands of Marines and Army paratroopers. CBS News national security analyst Aaron MacLean joins to examine the move.
Tehran downplays talks with U.S.
Hundreds of U.S. special operations forces are now stationed in the Middle East as President Trump leaves the door open to a potential ground operation in Iran. CBS News' Eleanor Watson and Aaron Navarro have the latest.
Stocks end mixed as crude oil prices rise
Wall Street had a shaky start to the week on Monday, as U.S. stocks ended mixed and crude oil prices stayed above $100 a barrel. Yahoo Finance senior reporter Brooke DiPalma joins to discuss.
Oil prices skyrocket as Iran war goes on
Oil prices are rising as President Trump contemplates a ground operation in Iran. The Wall Street Journal's Spencer Jakab has more.
Trump insists Iran deal could happen "soon"
President Trump is still insisting that a deal with Iran to end the conflict in the Middle East could occur soon, despite thousands of U.S. troops arriving in the region. CBS News' Taurean Small and Elizabeth Palmer report.
Pakistan says it's set to host U.S.-Iran talks soon
It's unclear if the talks would be direct or indirect, and Washington and Tehran aren't commenting. This, as Iran warns the U.S. not to start ground operations.
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