Live Updates: Iran says it will expand control in Strait of Hormuz as oil and gas prices continue to climb
Updated on: September 8, 2026 / 1:31 AM EDT / CBS News
TL;DR
- Iran intends to announce a maritime "exclusion zone" outside the Strait of Hormuz to control vessel passage.
- Brent crude oil prices have hit a nearly seven-week high, and U.S. gasoline prices are at a record for Labor Day weekend.
- The U.S. struck three Iranian oil tankers, prompting threats of a "more intense and more painful" retaliation from Tehran.
- Yemen's Iran-backed Houthi rebels have intensified attacks in Saudi Arabia, impacting oil facilities and causing casualties.
- Fighting near the Red Sea coast has resulted in over 300 deaths and displaced hundreds of families.
- Israel and Hezbollah exchanged fire, with both sides reporting casualties and military actions.
- Traffic through the Strait of Hormuz has significantly decreased amid the conflict.
- Iran has increased gasoline prices for heavy users, citing the "current situation" and adding to economic pressures.
- International Atomic Energy Agency (IAEA) Director-General Rafael Grossi stressed the need for Iran to re-engage with the U.N. nuclear watchdog for inspections.
- Gulf countries are urged to consider self-reliance in security, not solely depending on the U.S. partnership.
- Iran and Oman are in the final stages of negotiations for a temporary safe route in the Strait of Hormuz.
- The UAE acknowledges the difficulty but necessity of restoring trust with Iran, while also noting a lack of united response from Gulf countries to Iran's actions.
- Iran has warned South Korea against involvement with U.S. operations in the Strait of Hormuz.
- President Trump predicted a precipitous drop in oil prices following a U.S. "win" in the war with Iran.
- Iran's Parliament speaker threatened swifter and more forceful responses to U.S. attacks.