TRUMP'S WAR with IRAN Blockade, Oil Prices Biting & US's Stance!

IRAN War Sends Oil Prices Soaring as Hegseth Clashes With Senators Over Congressional Deadline
By Tucker Reals | Updated May 1, 2026 | CBS News

Oil prices surged to their highest level in four years Thursday as tensions surrounding the Iran war intensified and political battles erupted in Washington over presidential war powers.

U.S. Defense Secretary Pete Hegseth sparred with lawmakers for a second consecutive day during heated Senate discussions over whether the administration must seek congressional authorization for continued military operations. Hegseth argued that the 60-day deadline under the War Powers Resolution is effectively paused during the current ceasefire with Iran.

Democratic senators, including Tim Kaine and Elizabeth Warren, rejected that interpretation, insisting the legal deadline still expires Friday and warning that the White House cannot bypass Congress indefinitely.

Meanwhile, global energy markets reacted sharply to growing uncertainty in the Middle East. Brent crude briefly surged above $126 per barrel after stalled negotiations between the United States and Iran fueled fears that the strategically vital Strait of Hormuz could remain disrupted, threatening global oil supplies and undermining hopes for a lasting ceasefire.

The financial toll of the conflict also appears far greater than publicly acknowledged. According to U.S. officials familiar with internal government assessments, the real cost of the Iran war may approach $50 billion — nearly double the Pentagon’s public estimate delivered to Congress earlier this week. Officials said a significant portion of the additional costs comes from depleted missile stockpiles and military equipment that must now be replaced.
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