War in the Middle East

Global oil inventories are buffering consumers from the full force of the supply shock, but analysts warn that reserves can't be drawn down indefinitely.

In the Cowboy State, about every third vehicle on the road is a pickup. As diesel prices soar, we check in with everyday truck drivers.

And the war in the Middle East is to blame.

Just how many “transitory” inflation events does it take before inflation becomes persistent?

In late February, mortgage rates had dipped just below 6%, listings were rising, and affordability was beginning to improve. Then, the war in Iran introduced a new round of uncertainty and volatility.

Until ships start moving through the Strait of Hormuz, prices for oil and a range of related goods will likely keep rising. The question is, how long will it take them to come down again?

A new study from the New York Federal Reserve found that lower-income households cut gasoline use by 7% in March, while higher-income households reduced consumption by just 1%.

Despite soaring oil prices and global disruptions, markets are still breaking records.

Catherine Wolfram, professor of energy economics at MIT Sloan School of Management, talks about how demand destruction actually helps balance the oil market.

In Iran, inflation is soaring, food prices are spiking, and over a million people have lost their jobs.