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President Donald Trump was non-committal on what could happen to the price of oil ahead of November’s midterm elections — even floating the prospect that they could go “a little bit higher.” In an interview on Sunday Morning Futures, Fox News anchor Maria Bartiromo quizzed Trump on whether his newly-announced naval blockade on ships going in and out of the Strait of Hormuz. “Is this all going to be enough, the blockade in the strait, the opening up capacity in the United States, is this going to enough to lower the price of oil and gas, sir?” Bartiromo said. The...

White House officials have privately discussed their concerns about recent internal and public polling on the economy and President Trump and have been trying to drum up new strategies to prevent GOP losses in the midterm elections, sources briefed on the conversations told CBS News. Senior aides, including chief of staff Susie Wiles and deputy chief of staff James Blair, regularly brief the president on the latest polling on voter sentiment. A central focus is the dissatisfaction of independent voters, whose economic angst has risen since the president's tariffs triggered global economic uncertainty and gas prices began to spike as...

The month-long closure of a crucial waterway for the global energy supply has sparked warnings the world is heading for problems worse than those caused by the 1970s oil crisis. Lars Jensen, a shipping expert and former director at Maersk, told the BBC the impact of the US-Israeli war on Iran could be "substantially larger" than the economic chaos seen in the 1970s. His comments follow a warning from the director of the International Energy Agency, Fatih Birol, earlier this month that the world is "facing the greatest global energy security threat in history". "It is much bigger than what...

On March 17, the U.S. national debt slipped past $39 trillion. If you're thinking, 'Wow, it seems like we just crossed the $38 trillion threshold,' you are correct. It was a mere 150 days ago on October 21. As of March 17, the national debt stood at $39,016,762,910,245.14. This happened despite a 294 percent increase in tariff revenue and the media relations program known as DOGE.The pace of debt accumulation is staggering, and it’s accelerating. In 2020, the Congressional Budget Office (CBO) projected that the debt wouldn’t hit $37 trillion until 2030. Oops. Just how fast is Uncle Sam shoveling...

Democrat Emily Gregory on Tuesday won a special election for the Florida state House district that includes President Donald Trump’s Mar-a-Lago resort, flipping the seat from Republican control, The Associated Press projects.

President Donald Trump's approval rating has sunk to the lowest ever, with voters expressing displeasure with the war with Iran and the cost of living. A new Daily Mail/JL Partners poll found that Trump's approval rating has slipped to 42 percent.That's down from the 44 percent approval he received on March 3, just days into the Iran conflict. Trump held a 48 percent approval rating as recently as late January. Trump's performance in the Middle East is partially driving the disappointment. Twenty-eight percent of respondents cited the war as the top reason they disapprove of the job the President is...

According to Moody’s Analytics, the likelihood of a recession within the next 12 months was already sitting at 49% before the escalation of the Iran conflict. With oil prices now surging and economic data weakening, that probability is expected to move above 50%. For investors, that shift matters. Once recession odds cross that threshold, markets tend to reprice risk quickly and often aggressively.A Fragile Economy Meets an Energy ShockMoody’s Analytics chief economist Mark Zandi pointed to a combination of weakening economic data and rising energy costs as the main drivers behind the rising recession risk.“Behind the recent jump are primarily...

Five U.S. Air Force refueling planes were damaged in an Iranian missile strike at Prince Sultan air base in Saudi Arabia. Although the planes sustained damage, they were not fully destroyed and are currently being repaired. No casualties were reported. The incident was reported by the Wall Street Journal.

Global energy markets are bracing for a potential supply shock after Iran’s new Supreme Leader vowed to keep the Strait of Hormuz closed while attacks on commercial ships intensified across the Persian Gulf. In his first public comments since taking power, Iran’s newly appointed Supreme Leader Mojtaba Khamenei issued a stark warning about the future of the conflict and the strategic importance of the Strait of Hormuz.Khamenei said Thursday that the maritime corridor must remain closed as leverage against Iran’s enemies.“The closure of the Strait of Hormuz should continue as a tool to pressure the enemy,” he said in televised...

Iran has begun laying mines in the Strait of Hormuz, the Persian Gulf channel that carries 20 percent of the world’s oil, according to U.S. officials, an effort that could further complicate American efforts to restart shipping there. While the U.S. military said it had destroyed larger Iranian naval vessels that could be used to quickly lay mines in the strait, Iran began using smaller boats for the operation on Thursday, according to a U.S. official briefed on the intelligence.

President Trump said Thursday that there is an upside to rising oil prices as a result of the war against Iran — the U.S. will make money as a major producer. Mr. Trump, posting on Truth Social, was responding to oil prices that flirted with $100 per barrel as Tehran clamped down on tanker traffic through the Strait of Hormuz, where about 20% of the world’s oil supply transits. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Mr. Trump posted. Mr. Trump weighed...

President Trump said Thursday there is an upside to rising oil prices as a result of the war against Iran — the U.S. will make money as a major producer. Mr. Trump, posting on Truth Social, was responding to oil prices that flirted with $100 per barrel as Tehran clamped down on tanker traffic through the Strait of Hormuz, where about 20% of the world’s oil supply transits. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Mr. Trump posted. Mr. Trump’s post on...

The U.S. Navy has refused near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since ​the start of the war on Iran, saying the risk of attacks is too high for now, according to sources familiar with the matter. The ‌Navy's assessments spell continued disruption to Middle East oil exports. The U.S. Navy has held regular ⁠briefings with shipping and oil industry counterparts and has said during those briefings it is unable to provide escorts for the time being, three shipping industry sources familiar with ​the matter said. The sources, who declined to be identified...

President Trump signaled on Wednesday that he plans to tap into the US Strategic Petroleum Reserve in an effort to bring down rising gas prices. “I filled it up once, and I’ll fill it up again, but right now, we’ll reduce it a little bit, and that brings the prices down,” Trump said during an interview with Local 12 in Kentucky. The president shrugged off rising gas prices as a “matter of war” earlier in the day and expressed confidence the market would settle soon. I figured we’d be hit a little bit. We were hit less than I thought...

Three cargo ships have been hit by projectiles in the Strait of Hormuz. The Thailand-flagged bulk carrier Mayuree Naree was struck and set on fire 11 nautical miles north of Oman, the United Kingdom Maritime Trade Operations said. Oman’s navy rescued 20 crew members who evacuated the ship in a lifeboat on Wednesday morning, while three remain missing. A second ship, the Marshall Islands-flagged bulk carrier Star Gwyneth, was hit by a projectile 50 miles north-west of Dubai. The vessel suffered hull damage but all crew members are safe. A third vessel, a Japan-flagged container ship, sustained minor damage near...

President Trump said Sunday that increasing prices of oil are “a very small price to pay” for “safety and peace” amid the U.S. conflict with Iran. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump said in a Sunday evening Truth Social post. “ONLY FOOLS WOULD THINK DIFFERENTLY!” he added. The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline...

Last | 6:25 PM EDT $108.17 up+$17.27 (+19.00%)

Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which 20% of the world’s oil transits. US oil futures rose 18% to about $108 a barrel, their highest level since July 19, 2022. Brent futures, the global benchmark, increased 16%, near $108 a barrel. Surging oil prices have weighed heavily on stocks in recent days, as traders fear that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. Dow futures dropped more than 800 points, or 1.7%. S&P 500 and Nasdaq futures fell 1.6%. Triggered by...

Global oil prices could breach the $100 (£74) a barrel mark within days, and reach $150 a barrel by the end of the month, without a solution ​to the severe disruption in crude flows through the strait ‌of Hormuz, Goldman Sachs has warned. Oil exports via the vital trade route linking the world’s biggest oil producers to buyers in the global market have fallen further than the US investment bank had initially expected after the US-Israeli attack on Iran a little over a week ago. Goldman Sachs had anticipated that flows of crude through the strait would fall to 15%...

The largest increases in gas prices were reported in these states: Indiana — $3.448 (+64.0¢) Ohio — $3.399 (+62.6¢) West Virginia — $3.375 (+55.1¢) Florida — $3.407 (+53.7¢) Texas — $3.094 (+53.2¢) Colorado — $3.357 (+52.9¢) Iowa — $3.159 (+52.5¢) New Mexico — $3.247 (+52.1¢) Maryland — $3.456 (+51.6¢) Oklahoma — $2.922 (+50.8¢) Even considering these recent increases, California drivers are still facing the highest gas prices in the country, at $5.048 per gallon of regular gas. Washington and Nevada followed with a price of $4.557 and $4.119, respectively.