CNBC Business News Update Market Midday: Stocks Lower, Oil Prices Tick Higher, Oracle Surges On Strong Quarterly Results 3/11/26
Mar 11, 2026
Steve Leisman, CNBC senior economics reporter who breaks down inflation components and used car trends. Rick Santelli, market commentator adding perspective on price movements. Pippa Stevens, markets and energy reporter on oil moves and Strait of Hormuz risks. They discuss sliding stocks, rising oil and gas prices, the IEA’s massive release, limits of strategic reserves, and Oracle’s big quarterly beat.
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Strait Of Hormuz Disruption Lifts Oil Prices
- Oil prices rose because tankers can't safely transit the Strait of Hormuz amid the Iran war, tightening supply and lifting futures.
- The IEA announced a 400 million barrel release, but Pippa Stevens notes the move was likely already priced in and won't immediately ease volatility.
Largest Ever Strategic Reserve Release Limited By Logistics
- The International Energy Agency authorized the largest-ever coordinated release of strategic reserves at 400 million barrels to address the supply shock.
- Daniel Ghali warns released barrels aren't instantly available and geographic mismatches reduce short-term relief.
Monitor Gas Prices And CPI Energy Component
- Expect near-term pump prices to rise despite the SPR release, as AAA reported a four-cent overnight jump and 60-cent increase over 10 days.
- Track gasoline components of CPI because Rick Santelli and Steve Leisman say energy spikes will push inflation higher in March and April.