Oil prices have soared in the week since the U.S. and Israel launched their war against Iran, but President Donald Trump on Saturday downplayed the idea of turning to America’s Strategic Petroleum Reserve to ease the pressure.

The price of oil surged higher and showed no signs of halting its rapid climb a week after the U.S. and Israel launched major attacks on Iran that escalated into a war in the Middle East.

Jill Schlesinger joins "CBS Saturday Morning" to discuss how the war against Iran is impacting the price of oil and gas. She also breaks down the February jobs report.

Financial markets are again following the cue of oil prices. Stocks are falling sharply on Wall Street Thursday, including a 1,000-point slump for the Dow Jones Industrial Average, as oil prices rise further because of the war with Iran.

The war is starting to come home for U.S. investors. A new surge in oil prices sent stocks lower, extending moves that have rippled through financial markets and threatened to set off convulsions in the world economy.

Prices for crude and Brent crude were higher March 2 but the global energy ecosystem looks able to withstand the immediate shocks.

One week into the U.S.-Israeli war against Iran that has plunged the Middle East into turmoil, President Donald Trump faces a growing ⁠list of ⁠risks and challenges that raise questions about whether he will be able to translate military successes ⁠into a clear geopolitical win.

The Iran war exploded further late Saturday as pillars of flame rose above an oil storage facility in Tehran, and Israeli Prime Minister Benjamin Netanyahu promised “many surprises” for the next phase of the week-old conflict.