4AM ET 03/12/2026 Newscast
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What impact does the Iran conflict have on oil prices?
The prices will come down. I'm Chris DiMeo, Fox News. President Trump says the U.S. military excursion in Iran has had an effect on costs in this country, but it won't last long. Here's Fox's Grinnell Scott.
As the president toured an Ohio pharmaceutical company, he touched on high gas and oil costs, promising... Prices are coming down very substantially.
Oil will be coming down.
That's because the International Energy Agency is releasing 400 million barrels of oil from its member nations while the Iran conflict persists.
At a packing plant in Kentucky, the president said that act will substantially reduce the oil prices as we end this crisis. Threat to America and this threat to the world.
The Department of Energy announced 172 million barrels of oil will be released from America's own strategic reserves. Grinnell Scott, Fox News.
How is the U.S. responding to the oil supply crisis?
Governments are working on plans to unblock the Strait of Hormuz. The Iran war has effectively closed the waterway with missile and drone attacks, which has pushed up gas prices. French President Emmanuel Macron is leading an international effort to reopen the waterway when circumstances permit. Energy Secretary Chris Wright tells Fox's The Ingram Angle the U.S. is focused on opening up shipping lanes to get the oil flowing again.
This is to tide the world over while these flows are restricted by Iran. But ultimately, the United States military will prevail. We will end their ability to impede traffic through the Straits of Hormuz.
The president told ships to go through the strait yesterday, saying it's safe after the U.S. took down 16 Iranian mine-laying ships, but the Navy has rejected escort requests due to the risks. Meantime, Reuters reports at least one is dead after two oil tankers explode in the Persian Gulf after a suspected Iranian attack. The tankers may have been carrying as much as 400,000 gallons of Iraqi oil. America's listening to Fox News.
This is Ainsley Earhart. Thank you for joining me for the 52-episode podcast series, The Life of Jesus. A listening experience that will provide hope, comfort, and understanding of the greatest story ever told. Listen and follow now at foxnewspodcasts.com or wherever you listen to podcasts.
Iran warns the U.S. that oil prices could soar to 200 bucks a barrel if strikes continue. That could mean gas prices in the U.S. topping five bucks a gallon, according to analysts. The national average now is 357. President Trump is demanding passage of a voter ID bill.
President Trump is diverting focus from the economy with his insistence that Congress put approval of the Save America Act ahead of all other legislation. In an op-ed, GOP Texas Senator John Cornyn reversed his position on the filibuster to pass the Save America Act and possibly win the president's endorsement in his Senate runoff against Texas Attorney General Ken Paxton. Senate Republicans say changing the filibuster to pass the Save America Act is about the math.
I wouldn't say there's not a will. There is a will. It's just there's not enough numbers to get it done.
President Trump said he would not sign any bills until Congress okays the voting security plan. But now the White House says he would make an exception to fund DHS.
Fox's Chad Pergram. A deadly tornado sweeping through parts of Illinois and Indiana.
Newton County officials confirmed that an elderly couple was killed in their home in Lake Village, Indiana. Folks there are without power as line workers have rolled in to try to restore electricity as soon as possible. But first, crews have to move downed power poles off the closed roadways, so many of which are not passable. One local resident summed up the damage for Fox Weather. The house behind us got hit really bad. The walls were ripped off, siding. It's horrible. There's buildings ripped up, cars are damaged. And back in Kankakee, Illinois, where this same tornado first touched down, the sheriff's office reports extensive damage with trees uprooted, windows shattered, vehicles smashed, and roofs torn off.
What recent developments have occurred in the Strait of Hormuz?
Fox's Chanley Painter, the storm system also brought hail and heavy rain to southern Michigan after leaving Indiana.
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