As the threat of escalation in the war with Iran drives gas prices higher and hurts economies worldwide, one sector is doing really well, the revenue for Big Oil. Ali Bauman explains.

Major oil companies reported massive profits while fighting between Iran and the U.S. impeded petroleum shipments

Oil prices fell on Friday but kept on track for a monthly ​rise of about a fifth, as more supplies flowed through crucial ‌maritime chokepoints, despite a lack of major breakthroughs in talks between the United States and Iran.

America's biggest oil companies are reporting massive profits as the Iran war continues to disrupt global energy supplies. CBS News business contributor Javier David joins with analysis.

Fed Chair Kevin Warsh and the Federal Open Market Committee (FOMC) are contending with elevated inflation, thanks in part to the president's policies.

Donald Trump called for the Federal Reserve to lower interest rates by a full percentage point, reviving tensions over central bank independence and the directi

The Fed just held rates steady for the fifth straight meeting — but three policymakers voted to raise them, not cut.

Inflation is a far more serious and persistent issue than the Fed has made it out to be, and it must be addressed by raising interest rates, a group of rate-setting committee members said Friday.

Amazon shares surged nearly 14% on Friday after the tech giant's solid cloud sales growth reinforced investor confidence in its massive AI bets and quashed ​any concerns about the company trailing its Big Tech rivals in the AI race.

The company raised its capital spending forecast and said Amazon Web Services sales increased 37% in the second quarter.

Amazon.com Inc. shares jumped after the company reported cloud-computing revenue accelerated for a fifth straight quarter, easing investors’ concerns that it won’t produce a return on huge expenditures to meet the booming demand for artificial intelligence.

Amazon said it will be increasing this year’s capital spending on technology, mostly artificial intelligence, by an additional 10% after the tech and e-commerce giant delivered strong profits and net sales during for fiscal second quarter,

The trio of dissenters at the Federal Reserve who backed an increase in interest rates this week contend high inflation could get entrenched in the economy unless the central bank acts decisively to get prices under control.

Federal Reserve officials who voted this week against the decision to hold interest rates steady said Friday they favor hiking now as a way to stave off inflation. "In my view, now is the time for the [Federal Open Market Committee] to act to speed the return of PCE inflation to our 2 percent objective and deliver on our commitment to price stability for the American people,

The Fed voted to keep its overnight rate on hold at a range of between 3.5% and 3.75%. TD Asset Management's Alexandra Gorewicz discusses.

While inflation remains above the Fed's 2% target, economists expect a rate cut this September to address the weakening labor market.

Beyond the Strait of Hormuz, two major maritime chokepoints are under pressure and it’s shaking up global oil supply. WSJ’s Rebecca Feng details the two other major shipping routes that are being hit by conflict.

September WTI crude oil (CLU26) on Friday closed up +1.08 (+1.29%), and September RBOB gasoline (RBU26) closed down -0.0171 (-0.55%). Crude oil and gasoline prices settled mixed on Friday. Crude oil rose sharply due to threats to global supplies with disruptions in the Strait of Hormuz and the Red Sea.

Iran has blocked most shipping through the Gulf Strait of Hormuz since the start of the five-month-old conflict while its Houthi ⁠allies in Yemen this ⁠month began threatening

Oil futures settled up on the day and ended July with hefty gains as the month saw renewed Iranian attacks on shipping in a dispute with the U.S. over control of the Strait of Hormuz.

I’m not going to comment on the situation in the US,” said Andrew Bailey during the Bank of England’s press conference at Bloomberg this afternoon, after it voted to hold rates. He was batting away a question about the rout of US Treasuries prompted by Kevin Warsh’s Federal Reserve the previous evening.

The Bank of England (BoE) on Thursday left its key interest rate unchanged at 3.75 percent, marking the 5th consecutive decision of its kind.According to the BBC, the central bank continues to monitor inflation and economic growth ahead of any future decisions on interest rates,

Bank of England Chief Economist Huw Pill said on Friday that there ​was a risk of a gradual build-up of long-term inflation pressures ‌in Britain's economy caused by the jump in energy prices triggered by the Iran war.

Monetary Policy Committee split six to three, with key voters more confident that underlying price pressures are receding