Pressure mounts on Trump to end Iran war

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Now to discuss the war in Iran and ongoing pressure

on President Trump, you're looking at CBS news,

senior White House and political correspondent,

Ed O'Keefe, Ed Good morning.

Hope you was understand all the variables at play

with the president's decisions right now.

We'll look with the war about to hit

its fifth week, Harold President Trump's feeling pressure,

even from some of his own party to bring the conflict

to a close and for the first time,

he's revealing how he knows Iranian leaders

are ready to negotiate.

They want to make a deal.

Insisting Iran is, quote, begging to bring an end to the war.

I say they're lousy fighters,

but they great negotiators.

President Trump rejected reports.

He's the one desperate to make it the yield.

The opposite of desperate.

I don't care.

The president said he's postponing attacks

on Iran's infrastructure for 10 days at Iran's request.

They asked for seven.

You're going to say Trump's a terrible negotiator.

They asked for seven, and I said, I'm going to give you 10.

But with Iran denying any direct talks and mocking the US

as negotiating with yourself, Trump explained

how he's confident progress is being made.

Can I reveal the president?

For the first time, he revealed that big,

expensive gift from Iran was 10 oil tankers

allowed through the straight-of-war moves.

I said, well, I guess we deal with the right people.

He says the move proves the people he's talking to

have power to control the key shipping quarter.

Iran has effectively closed off.

For almost a month, oil tanker traffic

is down 90 to 95% since before the war.

Economists now expect US inflation

to jump to more than 4% this year because of the conflict.

Mortgage rates moved higher for the fourth straight week

while mortgage applications are down.

Global oil prices are up more than 40%.

And the American cost of gas is up by almost $1 per gallon

in the last month.

And amid those economic headwinds,

the president says he's not yet ready to roll back

to federal gas tax, which is more than $0.18 a gallon

and a quarter a gallon on diesel,

but he says it's something he could do, if necessary.

Errol.

All right, and OK, at the White House force, Ed, thanks.

For more on this, we turn to CBS News Foreign

correspondent Remy Innocentio.

He's in our London bureau.

Remy, good morning.

We heard that from Ed, the perspective from President Trump.

But what are we hearing from Iran about the prospects of a deal?

Yeah, Errol.

No reaction yet from Iran, but at least

that's just publicly.

Tehran's big Trump card, though, is its control

that we're talking about.

It's chokehold, really, over the energy passage

that is the straight of Hormuz.

And we know we were hearing that Iran is now charging some ships,

some commercial ships, so they can sail safely

through the straight of Hormuz.

One Iranian lawmaker said at least one vessel was charged

as much as $2 million to pass through,

and specifically to cover the country's cost of war.

But under international law, no ships

should have to pay or have to ask for permission.

And as you might expect, reaction.

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To this hasn't been great.

It's being called Teran's toll booth by Lloyd's List,

which is a maritime intelligence firm.

And that's more being diplomatic, really.

Others are describing it like protection money

and the Iranian regime more like a mob boss.

And then some are blasting it as economic terrorism

like the head of Abu Dhabi state-run oil company.

Take a listen.

When Iran holds Hormuz hostage, every nation pays the ransom.

No country can be allowed to destabilize the global economy

in this way.

Not now, not ever.

Yeah.

And the UAE, which Abu Dhabi is a part of there,

is now pushing dozens of countries

to form what's being called a Hormuz security force

to try and reopen and to defend that straight.

And right now, I'm looking at the price of oil, Errol,

111 bucks to barrel for Brent Crew, the global benchmark,

near almost its recent high since the start of this war.

And Remy, let's focus a bit more on the straight of Hormuz

because no matter what, it's the chokehold on it,

has impacted markets around the world

and specifically Asia.

Help us understand how exactly.

Yeah, you know, every day we're getting reports

of something else, more stress points,

more protests happening out of the Asia Pacific.

We're seeing overnight out of Australia

that there's been some panic buying,

people hoarding, some gas stations running dry.

The country has about a 30-day,

a one-month reserve of oil and gas,

but that is far below the 90 days

that's recommended by the International Energy Agency.

And that is an issue happening across much of Asia Pacific.

Japan, though, yesterday, released 80 million bears of oil,

started to release 80 million bears of oil

from its national reserves,

but it ranks as the third biggest

in terms of petroleum reserves in the world.

So the country there, much more buffered from the volatility.

Flip side, though, the Philippines confirmed that it actually imported

its first Russian crude yesterday

since Moscow invaded Ukraine.

Remember, we've had sanctions on Moscow because of that war.

The Philippines breaking now a five-year moratorium,

but what they got in was only about one and a half days

of fuel for the country,

so we might expect them to do more.

And then Beijing got to put them in here,

abandoning export of all of its fuel exports early on,

but China might be relatively insulated.

And the reason for this, again,

to these strategic petroleum reserves, these SPRs,

China has got the world's biggest stockpile,

both government and commercial,

that it's been building up really over the past two decades,

making sure that they are not shocked by this.

And just for number two,

I want to throw out that the United States

is number two after China.

All right, Remy, you know, senseo.

In London, Remy, thanks.

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Hi, this is Alex Cantrowitz.

I'm the host of Big Technology podcast,

a longtime reporter and an on-air contributor to CNBC.

And if you're like me, you're trying to figure out

how artificial intelligence is changing the business world

and our lives.

So each week on Big Technology,

I bring on key actors from companies building AI tech

and outsiders trying to influence it.

Asking where this is all going,

they come from places like Nvidia, Microsoft, Amazon,

and plenty more.

So if you want to be smart with your wallet,

your career choices and meetings with your colleagues

and at dinner parties,

listen to Big Technology podcast wherever you get your podcasts.