Live Updates: Iran says it will expand control in Strait of Hormuz as oil and gas prices continue to climb

Updated on: September 7, 2026 / 4:41 AM EDT / CBS News

The new head of Iran's Supreme National Security Council said Tehran plans to announce an "exclusion zone" outside the Strait of Hormuz aimed at vessels it believes are attempting to transit the waterway.

Mohsen Rezaei's comments to Iran's state broadcaster came with few details, a day after the U.S. struck three Iranian oil tankers in response to Tehran launching ballistic missiles at U.S. warships.

The new zone should be announced in the coming days and weeks and "will begin from the line of the U.S. naval blockade, extend toward the Strait of Hormuz, and from this side continue into the Persian Gulf," Rezaei said without providing more details.

The price of Brent crude, the international standard for oil, added another 67 cents, reaching $96.95 per barrel.

The average price of regular gas was $4.14 a gallon heading into the holiday, nearly a dollar higher than last year and well above the Labor Day weekend record of $3.82 from 2012, according to AAA motor club.

Prices shot up after the U.S. and Israel attacked Iran in February and have not settled down since. Crude oil traffic through the key…

Original source: https://www.cbsnews.com/moneywatch/