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

Tim Stewart, president of the U.S. Oil & Gas Association, provides insight into the volatile oil market amidst escalating Middle East tensions and President Donald Trump's warnings to 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.

Wall Street ended higher on Friday, lifted by Amazon as the tech heavyweight's strong quarterly report bolstered investor confidence in AI-related stocks, while Apple dropped after its results disappointed investors.

Amazon stock rocketed 9% in after-hours trading on Thursday, even as the company plans to book an extra $20 billion in capital expenditures. The e-commerce giant delivered a strong second quarter propelled by AI-related growth.

Key Takeaways Amazon shares surged after the company reported earnings far above analyst expectations.Amazon Web Services revenue grew 37% to $42.2 billion, exceeding forecasts by nearly $2 billion. Amazon stock is soaring after the tech giant handily topped estimates in its latest earnings last night.

Amazon's North America segment grew by 16%, its fastest growth in five years. Grocery and faster delivery are boosting sales. Prime Day's shift to June also benefited results. 10 stocks we like better than Amazon › Amazon (NASDAQ:AMZN)stock was soaring on Friday after the company delivered its strongest quarterly growth in five years,

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.

The decision comes as speculation continues to swirl around whether the Bank of Japan will hike rates at a faster pace.

The BoJ held its benchmark rate at 1% on July 31, an outcome every economist surveyed had expected after June's hike to a 31-year high.

Tokyo’s inflation pace quickened for a second month, keeping the Bank of Japan on track to raise interest rates again in coming months, with the board widely expected to stand pat on Friday.

The Bank of Japan left its benchmark interest rate unchanged at 1% in an 8-1 policy decision, while signaling that inflationary pressures are expected to strengthen in the