Trump acknowledged that the public would feel some economic pain as fighting continues to threaten areas that are critical to the world's oil and natural gas production.

Israeli war on Iran develops. Spencer Jakab, an investing columnist for The Wall Street Journal, joins CBS News with more.

Oil prices jumped 13% to cross $80 per barrel for the first time since 2024 as traders began rapidly pricing in a major disruption to oil flows through the Middle East. Oil prices are down. Gas prices are down.

U.S. President Donald Trump says “someone from within” Iran’s government might be best suited to take power once the U.S.-Israeli war on the country ends

An Iranian Revolutionary Guards senior ⁠official ⁠said on Monday that the ⁠Strait of Hormuz is closed and Iran will fire on any ​ship trying to pass, Iranian media reported. This is Iran's most explicit warning since telling ships it was ‌closing the export route on ‌Saturday,

Oil prices rose on fears of war in Iran, threatening gas prices, and further attacks from the U.S. and Israel could worsen the situation.

The war in the Mideast has effectively halted shipping through the Strait of Hormuz, threatening to push up gas prices and raise the cost of other goods.

Energy prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz and damage to production facilities raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.