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
Mar 9, 2026
Dan Murphy, on-scene CNBC energy reporter based in Dubai, gives market color from the Gulf. He discusses shipping freezes at the Strait of Hormuz and stranded crude inside the region. He explains how Gulf production cuts pushed U.S. crude above $100. He also touches on the sudden nationwide 50-cent weekly jump in gasoline prices.
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Markets Reprice Risk After Middle East Escalation
- Global markets are rapidly repricing risk as the Middle East conflict sends oil above $100 a barrel and stocks tumble.
- Jessica Ettinger reports the Dow fell 615 points while U.S. crude hit $102 after Gulf states cut output, signaling supply fears.
Strait Of Hormuz Freeze Creates Immediate Supply Strain
- Traders are pricing in a severe supply disruption with the Strait of Hormuz effectively frozen and tankers avoiding the route.
- Dan Murphy says millions of barrels per day are stranded as storage and shipping get constrained.
From Surplus Forecasts To Potential Deficit
- Market expectations flipped from a near-term surplus to a potential deficit as Gulf producers curb output and storage fills.
- Dan Murphy notes Iraq, Kuwait and the UAE are already cutting output and storage is becoming a real issue.