Gas prices could hit new high if Strait of Hormuz closure continues
The unprecedented Strait of Hormuz closure amid the Iran war has spiked the price of oil and gas. It's also left thousands of crew members stranded on ships as the war rages on.
Strait of Hormuz
Not just gas: Grocery prices could be hit by Strait of Hormuz closure
Iranian attacks on ships in the Strait of Hormuz threaten to drive U.S. gas prices to record highs. The attacks could also have a cascading effect on other prices.
Ships stranded by Strait of Hormuz closure
The unprecedented Strait of Hormuz closure amid the Iran war has spiked the price of oil and gas. It's also left thousands of crew members stranded on ships as the war rages on.
Strait of Hormuz disruption hits economy
The strategic shipping lane carries a fifth of the world's oil. Analysts warn prolonged disruption could send fuel prices soaring and trigger a global economic slowdown.
With Iran choking off the Strait of Hormuz, what can the U.S. do?
As the United States continues to intensify its war against Iran, the transit of oil through the Strait of Hormuz is still choked off – and the ramifications are being felt around the world. CBS News national security correspondent David Martin talks with Retired General Frank McKenzie about the hazards facing American ships; and how long it might take the U.S. Navy to open the Strait, a vital shipping channel through which one-fifth of the world's oil flows.
Choke Point | Sunday on 60 Minutes
Iranian attacks on tankers and cargo ships have choked the flow of oil and goods through the Strait of Hormuz, a narrow passage connecting Persian Gulf oil producers to global markets. The disruption threatens to drive U.S. gas prices to record highs.
Trump asks for help to keep Strait of Hormuz open
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.
U.S. strikes key Iranian oil hub
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.
Hegseth insists U.S. in control of key waterway
With tankers on fire and ships dead in the water, Defense Secretary Pete Hegseth tried to project the U.S. was in control of the Strait of Hormuz. As Matt Gutman reports, hundreds of oil tankers remain stuck, terrorized by Iranian attacks.
New release of oil reserves will put U.S. supplies at 40-year low
The latest release of oil follows historic withdrawals from the Biden administration to combat gas prices from the Ukraine war.
Iran says major U.S. tech firms now among its targets in the Middle East
Suspected Iranian cyber and drone attacks are already impacting U.S. tech companies, and Iran says a list of American firms are now on its target list.
Rising diesel prices impact businesses
As gas prices increase, AAA says the cost of diesel is rising even faster. Diesel powers trucks, planes, trains and farm equipment. One business owner said if the spike continues, they may have to pass on some of the cost to the consumer. Skyler Henry reports.
U.S. may escort tankers in Strait of Hormuz
Treasury Secretary Scott Bessent signaled the U.S. Navy may begin to escort oil tankers in the Strait of Hormuz as the Iran war rages on. Mark Cancian, a senior adviser with the Center for Strategic and International Studies' Defense and Security Department, joins CBS News with more.
Trump's stark warning on Day 14 of Iran war
President Trump posted on social media Friday, warning to "watch what happens" as the Iran war enters a second week. CBS News' Charlie D'Agata has more as more details emerge about four more U.S. military deaths.
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.
Potential military plan for Strait of Hormuz
CBS News national security analyst Aaron MacLean walks through the potential options for a U.S. military mission to reopen the Strait of Hormuz.
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.
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.
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 threatens world's supply chain
Iran's offensive moves as the war with the U.S. and Israel roars on are threatening the supply chain at the Strait of Hormuz. CBS News' Matt Gutman and Avi Salzman, a senior writer at Barron's, explain.
Trump tries to calm concerns over gas prices
President Trump is addressing concerns among investors and Americans over the rising prices of oil and gas. This comes as Iran's new supreme leader, Mojtaba Khamenei, issues his first public statement since taking over the regime. CBS News' Weijia Jiang reports.
Latest on Iran war as supreme leader speaks
Iran's new supreme leader, Mojtaba Khamenei, released a public message on Thursday as concerns rise about ships being attacked in the Strait of Hormuz. CBS News' Matt Gutman and Courtney Kealy report.
Iran's new supreme leader issues statement
Iran's new Supreme Leader Mojtaba Khamenei issued a statement and demanded that all U.S. bases in the region be closed immediately. Khamenei also threatened to continue operations to keep the Strait of Hormuz closed. CBS News' Ramy Inocencio reports.
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