As world leaders gather to discuss the oil santions against Iran, that country is selling only half the volume of a year ago. But its reduced production is raising oil prices around the world.
Shares of the British bank Standard Chartered are tanking in London this morning — down some 25 percent.
New York financial regulators say the bank concealed billions of dollars of illegal transactions for Iranian customers.
Standard Chartered could soon have its banking license revoked in the nation's financial center, because of allegations that the bank has been hiding tens of thousands of secret transactions with Iran.
Iranian oil producers may find other ways to sell their product, but with few options to insure their ships, a lot of oil will be sitting in the harbor.
If you've been to a gas station recently, you know that prices are down — on average, about 20 cents lower per gallon than a month ago. That's in part because the price of oil is at an eight-month low.
The top nuclear official at the United Nations said today that a deal has been reached with Iran to allow the U.N.’s investigation into Iran’s nuclear program to continue. So what does this mean for the price of oil, which spiked earlier this year because of tensions with Iran?
President Obama has announced a new policy aimed at punishing countries like Syria and Iran that practice violence after gathering information about citizens online.
The president might be able to do little to really bring down short term gas prices. But reporter Scott Tong outlines some things that actually would affect the price.
