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Making Cents of Oil Prices & Tariffs; Red Sea Emerges as New Front in Iran War | July 24
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July 24, 2026
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22:02Now PlayingAttention shoppers: Prices are rising on everything from gas to travel to groceries. Oil surged this week because of the war in the Middle East, gas prices followed suit, and now President Donald Trump has implemented a new round of tariffs on 60 U.S. trading partners just before his 10% global tariff expired. So how are businesses and consumers reacting? NBC News business reporter Allie Canal puts the economic volatility in perspective. Plus, the Tehran-backed Houthi rebels say they’re imposing a blockade on Saudi Arabia in the Red Sea. NBC News chief foreign correspondent Richard Engel explains why the move is coming now and how the new front in the war could impact the region. Finally, for basketball fans, the wait is over: NBA legend LeBron James says he’s joining the Philadelphia 76ers on a two-year, $8 million contract. NBC Sports play-by-play commentator Noah Eagle joins to break down why James made a big move — with a big pay cut — at what could be the end of his career.
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