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Fox News Hourly Update

4AM ET 03/12/2026 Newscast

12 Mar 2026

Transcription

Chapter 1: What impact does the Iran conflict have on oil prices?

2.562 - 13.879 Chris DiMeo

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.

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14.079 - 22.272 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.

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22.712 - 23.794 Unknown

Oil will be coming down.

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23.774 - 33.114 Grinnell Scott

That's because the International Energy Agency is releasing 400 million barrels of oil from its member nations while the Iran conflict persists.

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33.395 - 44.738 Unknown

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.

44.838 - 54.593 Grinnell Scott

The Department of Energy announced 172 million barrels of oil will be released from America's own strategic reserves. Grinnell Scott, Fox News.

Chapter 2: How is the U.S. responding to the oil supply crisis?

54.633 - 73.823 Chris DiMeo

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.

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73.883 - 77.17 Chris DiMeo

is focused on opening up shipping lanes to get the oil flowing again.

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77.25 - 90.214 Unknown

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.

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90.194 - 114.548 Chris DiMeo

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.

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115.81 - 118.193 Chris DiMeo

America's listening to Fox News.

119.843 - 137.039 Ainsley Earhardt

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.

137.059 - 153.265 Chris DiMeo

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.

153.505 - 175.99 Ainsley Earhardt

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.

175.97 - 180.795 Ainsley Earhardt

Senate Republicans say changing the filibuster to pass the Save America Act is about the math.

Chapter 3: What recent developments have occurred in the Strait of Hormuz?

243.794 - 253.665 Chris DiMeo

Fox's Chanley Painter, the storm system also brought hail and heavy rain to southern Michigan after leaving Indiana. I'm Chris DeMeo. This is Fox News.

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253.865 - 267.57 Unknown

Join Fox in supporting our troops. From daily needs to global emergencies, help us be there for those who serve. Visit go.fox slash Red Cross to donate to service to the Armed Forces today.

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