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As renewed fighting with Iran sends oil and gas prices soaring, President Trump has imposed new global tariffs that could push up prices further.
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Oil prices dropped by around 3% on Friday, but remained on track for a weekly jump of 10% as the U.S.-Iran war continued to escalate.
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Stocks in Asia were down following a sell-off in the U.S. markets over soaring oil prices, rising borrowing costs and worries about the technology industry.
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The Pentagon lowered its official Iran war death toll to 14 from 18, removing four service members killed this month.
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;Resize=(620)) U.S. President Donald Trump said on Thursday he would hold ?Iran accountable for any attacks by Yemen's Houthi militants, who ?said this week they ?were imposing a naval blockade on Saudi Arabia.
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The 12 Democratic senators on the Armed Services Committee said Defense Secretary Pete Hegseth's department had not provided "timely and comprehensive" reporting on casualties during the war.
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The price of crude oil is rising again following Houthi claims of attacks on tankers in the Red Sea. What could it mean for gas prices, inflation and the global economy?
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The price of Brent crude rose more than 5% on Thursday as the war in the Middle East continues to escalate.
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The recent rebound reflects traders' growing concern about the expanding war, which now extends from the Persian Gulf to the Red Sea.
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A federal judge is asking how the Pentagon's new screening program and hormone replacement therapy impact its justification for banning transgender servicemembers.
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Oil prices rose Thursday to their highest level since early June after the latest Iran war escalation threatened severe new disruption to global supplies.
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The president has attended two previous dignified transfers since the war began; this is the first since he declared the ceasefire over.
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The price of oil surged nearly 5% on Wednesday as U.S. officials talked down the chance of new peace talks after an 11th straight night of strikes on Iran and with major disruption now facing two of the world's key supply routes.
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The price of oil surged more than 6% on Wednesday after President Donald Trump said that the ceasefire deal with Iran was "over" after the two countries trades strikes following attacks on three oil tankers near the Strait of Hormuz.
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