CNBC Business News Update - Market Open: Stocks Lower, US Crude Oil Trading At $102/Barrel, Gasoline Up 50 Cents Per Gallon In One Week 3/9/26

Episode Date: March 9, 2026

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I'm Jessica Eddinger. CNBC, oil prices soar. Stocks plunge again today as the war rages on in the Middle East following the U.S. attack on Iran. The Dow down 615 points. That's 1 and a quarter percent. Cisco shares leading it lower. They're down 2.5 percent this morning. The S&P 500 index down 75 points. That's 1%. The NASDAQ down 238 points. It's a little more than 1%. Shares of Invidia are down 3 quarter.5. of a percent this morning. U.S. crude oil trading above $100 a barrel at 102 as Gulf states cut back production. It had its biggest weekly price increase in history last week for U.S. crude up 35 percent. CNBC's Dan Murphy is in Dubai with the latest. Today's move in oil, one of the most dramatic repricings the energy markets have seen in decades. And traders are now pricing in a severe disruption to global supply. course at the center of all of this is the strait of Hormuz. Right now that artery is effectively

frozen with shippers unwilling to send vessels into a conflict zone. Now that is leaving millions of barrels per day of supply stranded inside the Gulf. We've heard from Iraq, Kuwait and even the UAE, which have all started curbing some output now because storage capacity is becoming a real issue. And the market reaction has been fast. Remember, only weeks ago, many forecasters, we're pointing to a global surplus next year. Now, traders rapidly pricing in a potential deficit. Prices at the pump kept soaring over the weekend up 50 cents a gallon since last Monday, with AAA saying the national average for a gallon of regular is now sitting at $3.48. The longer this goes, there certainly remains plenty of upside here. This is a huge disruption of

20 to 25 percent of the world's crude oil just standing still waiting for something to happen. and this is going to likely really ramp up in terms of its intensity. If this isn't solved, we can't make up for lost time when you're talking about 20 to 25 million barrels being impacted every day. Gas buddies Patrick DeHan on CNBC. Energy prices will fall when the U.S. destroys Iran's ability to attack tankers in the Strait of Hormuz. And that could take weeks, but not months. According to Energy Secretary, Chris Wright.

Here's Kepler's Amina Baker on CNBC. The strait of Hermuz vessels are not going through. That's 20% of the world's supply. And of course, that has a knock-on effect on everything, on food prices, on inflation. What the world needs to realize that when we have conflict in this region, it's not just contained in this region. This is something that spills over to the rest of the world. Lines at airports across the U.S. got longer over the weekend going through security.

started to take a really long time, hours for some people last night. TSA workers are facing their first paycheck with nothing in it. Many are just not showing up for work as the Department of Homeland Security remains unfunded and effectively closed. Eddie Bowers' store operations were not auctioned off last Friday. Retail dives saying the auction was canceled because of a lack of interest. Eddie Bowers operator filed for bankruptcy last month and said it would close 175 locations. if no buyer was found. Disney and Pixar's Hoppers was number one at the weekend box office. I'm Jessica Eddinger, CNBC.

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