CNBC Business News Update - BREAKING: Dow futures drop 500 points as oil prices spike following U.S. attack on Iran 3/1/26

Episode Date: March 2, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Monday morning for the first day of March trading with investors focused on the Middle East and war. After the U.S. launched an attack against Iran over the weekend, stock futures plunged on Sunday night. And the price of oil spiked 8% at one point for WTI, U.S. crude. Americans started filling their tanks on Sunday night after word spread on social media that gas prices could go up.

Geopolitical events, generally speaking, tend to have short-term impacts on financial markets, even the price of oil, you know, unless they become protracted. If oil prices go up for a sustained basis, that means gasoline prices go up, hits people in their pocketbooks. Message of the markets author Ron Insana, who spoke on CNBC Sister Network MS now over the weekend. Here are RBC's Halema Croft and CNBC's Brian Sullivan. This is the president, President Trump, who does not want to see a spike. in gasoline prices? 100%. President Trump does not want a $100 oil.

Do the Iranians seek to retaliate using their missile capabilities? Do they target tankers? Do they target regional energy infrastructure to raise the economic cost for Washington of engaging in another confrontation? Heading into the weekend, oil was already at its highest since last summer.

Prices at the pump were already higher AAA, said the national average for a gallon of regular, was within striking distance of $3 a gallon last Friday at 298, up 10 cents a gallon in the last four weeks. As oil goes up, shares of airlines and cruise lines have been going down. United Airlines shares tanked on Friday by 8% down the most in the group. But Delta, American, JetBlue, and Southwest shares all fell. Here's CNBC's Phil LeBoe. Rough day.

What we've seen with the airline stocks over the last four weeks, go back to the end of January. there was that bad storm of the eastern half of the United States, shut down a lot of the hubs. That was the beginning of people saying, wait a second, maybe the first quarter won't be that great for these guys. It really picked up momentum today. The catalyst, take a look at jet fuel prices. It's been a noticeable spike. As for stocks and the major averages, we do start March trading on Monday morning. February wrapped up on Friday with a sell-off for stocks and a mixed month for the major averages.

Only the Dow was in the green for February. Monday's watch list. It's all about the Middle East, but we also get earnings from Norwegian cruise line and earnings coming this week from Target, Best Buy, and other major retailers. Plus, the jobs report comes out Friday. Jessica Eddinger, CNBC. A massive wealth transfer is underway and women are leading the future of investing. With trillions at stake and markets rapidly changing, get the insights you need. I'm Contessa Brewer. Join me in person for CNBC Pro Live, Wealth for Women. Women, May 28th at the NASDAQ market site in New York City.

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