Economy

The Disappearing American Mortgage

Young and working-class people aren’t getting on the property ladder anymore.

Iran may close Strait of Hormuz amid Israel conflict. How does it affect the world's oil?

This story was originally published in June 2025. Since then, the U.S. and Israel launched a wave of joint strikes against Iran, prompting the Islamic Revolutionary Guard Corps to declare that the Strait of Hormuz has been “effectively closed” to maritime vessels. To read our latest coverage on the conflict, click here. To learn more about the Strait of Hormuz, read below.

Iran conflict threatens to raise gas prices

Americans can expect prices at the gas pump to increase in the aftermath of the United States and Israel’s surprise attacks on Iran over the weekend, though the price hikes won’t be too drastic — yet.

Energy Markets Face 'Heart Attack' as Gulf Infrastructure Targeted in Iran Conflict

The escalating conflict in Iran is posing a significant risk to energy infrastructure across the Middle East and Persian Gulf, including crucial crude oil transit routes as well as facilities used to refine and produce oil and natural gas.

Oil prices will likely fall quickly

Because Iran has previously demonstrated its willingness to close the key trade route through the Strait of Hormuz, some media outlets are speculating that oil prices could soar to $100 a barrel or higher. They argue that this could cause a recession in the United States, which would spread across the global economy.

Dow plunges 1,200 points as investors fret over Iran war

Updated on: March 3, 2026 / 10:47 AM EST / CBS News