Squawk on the Street SOTS 2nd Hour: $200 Oil? U.S.-Iran Latest, Fmr. Israeli Ambassador Weighs In, & More Private Credit Cracks 3/12/26
Mar 12, 2026
Michael Oren, former Israeli ambassador to the U.S. and historian of Middle East diplomacy, joins to dissect Iran, regional strategy, and possible endgames. He discusses U.S.-Israel alignment, Israel’s security needs against Hezbollah, and the realistic prospects for opposition or regime change in Iran. The conversation frames military choices and long-term Cold War–style strategies.
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White House Export Curbs Could Backfire
- White House floated tightening U.S. oil export restrictions to keep supply domestic, but industry warns it would create logistical bottlenecks and higher costs.
- Industry sources told Brian Sullivan this idea 'plays well' politically but risks filling storage and disrupting established export flows to Asia.
Burning Ships Show Conflict Is Hitting Commerce
- Brian Sullivan described video of two ships burning in the Persian Gulf after hits, including one freight ship owned by Safe Sea Corporation in Piscataway, New Jersey.
- He used the example to show how proximate and tangible the shipping attacks have become for U.S. interests.
Higher Gas Is Painful But Not Yet Demand Destructive
- Current U.S. pump prices (~$3.60 national average) are inflationary but not yet at 'demand destruction' levels; only regional highs (e.g., California ~$5.50–$7.50) cause behavioral changes.
- Brian Sullivan notes U.S. households spend a smaller share of income on gas than in past eras, so impact depends on duration and regional extremes.