CNBC Business News Update Market Close: Stocks Lower, US Crude Oil Rises To $91, United Airlines Raises Airfares 3/24/26
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Mar 24, 2026 Markets fell after a choppy session while crude oil climbed toward $91, stirring talk of supply disruptions and timing for full effects. Rising food and gasoline costs are squeezing consumers. Airlines plan fare hikes and capacity cuts as fuel costs bite. Private credit funds face stress and withdrawal limits. Tech and retail headlines include layoffs, promotions, and upcoming corporate earnings.
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Market Volatility Linked To Iran Uncertainty
- Stocks fell after a volatile Tuesday with the Dow down 84 points, S&P 500 down 24 points, and the Nasdaq dropping 184 points.
- Jessica Ettinger tied the market pullback to ongoing uncertainty around confirmation of direction in Iran cited by Marianne Bartels.
Oil Rally Lifts Energy Stocks And Pump Prices
- Energy stocks hit fresh all-time highs led by Exxon, Chevron, Marathon Petroleum, and Phillips 66 as U.S. crude rose about 3% to ~$91 a barrel.
- Rising oil pushed pump prices higher, prompting AAA's national average for regular to reach about $3.98 per gallon.
Consumer Prices To Follow Oil With Shipping Lag
- Analysts warned consumer-facing inflation will spread with food and fuel already rising, exemplified by beef up 18% year-to-date.
- Jeff Curry noted shipping lags of three to four weeks mean U.S. and European markets may feel disruptions by early April.