How High Will Gas Prices Go? War With Iran Impacts Global Economy
Plus: Govt. Shutdown Causes TSA Staff Shortages, Long Airport Lines
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🚨 ONE IMPORTANT THING
Trump Signals Iran War May Be Ending After Oil, Gas Prices Spike
President Trump said Monday that the U.S. war with Iran could soon be nearing its end, claiming the country’s military capabilities have been largely destroyed after days of intense U.S. strikes.
“I think the war is very complete, pretty much,” Trump told CBS News in a phone interview. The president said Iran has “no navy, no communications” and that its remaining missiles and drones are being destroyed.
The president warned Iran against interfering with traffic through the Strait of Hormuz — a key shipping route for roughly 20% of the world’s crude oil and natural gas — and said the U.S. is considering taking control of the waterway.
Oil prices swung sharply Monday as traders reacted to his remarks. Brent crude, the international oil benchmark, briefly rose to $119.50 per barrel early Monday. By Monday afternoon, it was back down to $85 a barrel. His comments come as Americans are also beginning to feel the economic effects.
OIL & GAS ⬆️
When prices go above $100 per barrel, analysts note that prices at the U.S. pump usually rise to about $4 a gallon.
Right now, gas prices in the U.S. are near $3.50 a gallon — the highest point since 2024 and about 50 cents higher than a week ago.
HOW IT WORKS: While the U.S. doesn’t rely on Iranian oil, it is a commodity sold on the global market. So disruptions to production and shipping impact prices from the U.S. to China.
Fears of Iranian attacks have nearly halted oil and gas shipments through the Strait of Hormuz.
Oil could rise as high as $150 a barrel by the end of the month if shipping companies continue to avoid the Strait of Hormuz, according to Goldman Sachs.
Trump had been telling Americans on Sunday not to worry. But his message seemed to change Monday. Behind the scenes, his administration has been looking for alternatives to bring prices down ahead of the midterm elections — where affordability is expected to be a central issue.
U.S. TROOPS
A seventh U.S. service member died over the weekend in the U.S. war with Iran. Army Sergeant Benjamin Pennington, 26, of Glendale, Kentucky, died from injuries he sustained in a March 1 Iranian attack against U.S. troops in Saudi Arabia, the Pentagon announced Sunday.
Trump joined families and senior officials Saturday at Dover Air Force Base for the dignified transfer of the bodies of the six U.S. service members killed in an Iranian attack in Kuwait during the early days of the war.
Trump and Defense Secretary Pete Hegseth say more U.S. casualties are expected as the conflict continues.
THE NEW AYATOLLAHIran’s top religious clerics selected Mojtaba Khamenei as the country’s new supreme leader, according to state media. He succeeds his father, Ayatollah Ali Khamenei.
Mojtaba Khamenei, 56, is seen as a key gatekeeper to his father, with close ties to the Islamic Revolutionary Guard Corps and the Basij militia.
Trump publicly opposed the possibility of Mojtaba taking power last week, calling the prospect “unacceptable.” On Monday, Trump said he had “no message for him.” Israel has threatened to target any successors to the late ayatollah.
Chants of “Death to Mojtaba” were heard overnight in parts of Tehran following the appointment, according to videos posted on social media.
WHAT ELSE YOU NEED TO KNOWThe war in Iran has continued to impact other Gulf nations. Here are some of the biggest headlines in the past 24 hours.
📌 Israel struck oil facilities in Iran late on Saturday, marking the first attacks on Iran’s civilian energy infrastructure since the U.S. and Israel launched strikes on Iran last weekend.
‘Toxic’ black rain fell on Tehran, which has about 10 million residents, after the strike.
📌 Gulf countries reported more aerial strikes from Iran on Monday evening.
Bahrain said Iranian drone attacks on Sunday damaged a civilian water desalination plant.
At least 32 people were wounded, including children, when Iranian drone strikes hit a city near Bahrain’s capital on Monday, according to Bahrain’s state news agency.
CNN reporters also documented loud booms in the United Arab Emirates.
📌 Lebanon’s government is proposing direct negotiations with Israel, according to Axios, after Hezbollah, an Iranian proxy group, launched rockets into Israel in response to strikes on Iran. That prompted Israeli airstrikes and a ground incursion into southern Lebanon.
📌 Turkey said Monday that a second Iranian ballistic missile was shot down by NATO defences after it entered Turkish airspace.
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🚨 ONE THING WE’RE WATCHING
TSA Shortages Lead To Hourslong Security Lines At Airports As Gov Shutdown Continues
TSA staffing shortages tied to the partial government shutdown led to hours-long security lines at airports in Houston, Atlanta, and New Orleans on Sunday — just as spring break travel is kicking off.
HOW WE GOT HERE: The partial shutdown began Feb. 14 and only affects the Department of Homeland Security, which oversees the TSA.
Democratic lawmakers are demanding changes to President Trump’s immigration policies, though much of the immigration enforcement carried out by DHS is already funded.
DHS posted on X: “There is ZERO reason for spring break travel to be held hostage for political points — Democrats must end this DHS shutdown NOW.”
The partial shutdown means about 50,000 TSA agents are currently working without full pay. It’s the second time in six months they have faced a shutdown, following a record 43-day government shutdown in late 2025.
WHAT’S NEXT
TSA agents received 30% of their paycheck last week and are set to miss their whole paycheck next weekend, unless funding is restored.
The delays also come as DHS is getting a new leader. Trump fired DHS Secretary Kristi Noem last week, and said Sen. Markwayne Mullin (R-OK) will replace her starting on March 31.
⏳ THE SPEED READ
🚨NATION
DOJ releases Epstein files that include sexual assault allegation against Trump (MO NEWS)
Trump administration says it can’t comply with order to start tariff refunds (AXIOS)
Former Presidents Clinton, Obama and Biden honor late Rev. Jesse Jackson at Friday service (NBC)
Man charged with aggravated murder in killings of three women in Utah (KUTV)
🌎 AROUND THE WORLD
Latest evidence suggests U.S. strike hit Iranian school next to IRGC military base (MO NEWS)
Hungary detains 7 Ukrainians and seizes $80 million cash shipment. Kyiv calls move ‘taking hostages’ (AP)
Men arrested on suspicion of aiding Iran by spying on Jewish community (ABC)
UK Telegraph sold for $770m as German buyer elbows out Daily Mail (GUARDIAN)
📱BUSINESS, SCIENCE & TECH
U.S. payrolls unexpectedly fell by 92,000 in February; unemployment rate rises to 4.4% (MO NEWS)
Anthropic launches AI job destruction detector (AXIOS)
Mark Zuckerberg says criminal behavior on Facebook inevitable (GUARDIAN)
Ford recalls over 1.7M vehicles over rearview camera issues (USA TODAY)
🎬 SPORTS & ENTERTAINMENT
The Opera and Ballet community respond after Timothée Chalamet says “No one cares about” ballet or opera (HOLLYWOOD REPORTER)
Daryl Hannah issues scathing response to portrayal of her on TV series about Kennedy and Bessette (AP)
Fans camp for hours ahead of Harry Styles’ pop-up store opening in LA (NBC)
Former ‘Below Deck’ star alleges sexual harassment, sues network for $850 million (USA TODAY)
Celtics’ Jayson Tatum available to return Friday, after tearing Achilles last year (ESPN)
ICYMI FROM THE 📲
In case you missed it… Speaking of hiring, Wendy’s is launching a contest to hire a chief tasting officer with a salary of $100,000.
The winner will be “paid to eat Wendy's, be chill, maybe make some content and maybe even star in ads," according to the fast food chain’s promotion. “You’ll make cheddar just for liking cheddar.” 😋