The Iran war has forced oil producers in the Middle East to cut supply, putting further upward pressure on crude prices.

Jill Schlesinger joins "CBS Saturday Morning" to discuss how the war against Iran is impacting the price of oil and gas. She also breaks down the February jobs report.

Whoever controls the Strait of Hormuz, off the coast of Iran, controls nothing less than the sole maritime gateway for most of the Persian Gulf's oil riches to the world.

Iranian state media said the son of slain Ayatollah Ali Khamenei would take his place, as the U.S. said a seventh service member had died in the conflict.

Iran picked a new supreme leader and escalated attacks on the ninth day of the war, hitting a water desalination plant in Bahrain, while Israel struck major fuel depots in Tehran and threatened the Islamic Republic’s power grid.

The Israeli military said it had sent a broad wave of strikes at the Iranian capital early Saturday. Some strikes hit an area near the Mehrabad Airport. Footage shared on state media showed multiple explosions and columns of smoke.

Brent, the international oil benchmark, broke $90 per barrel as it jumped more than 6% to its highest level since April 2024. The move in prices came amid growing fears that the I

Arab states along the Persian Gulf contended with a ninth day of incoming missiles and drones from Iran, which said it had the capacity to sustain the war for months. President Donald Trump said the US will consider widening its strikes on Iran in a conflict that’s upended energy markets.