CNBC Business News Update Market Open: Stocks Lower, Iran Attacks Ships To Drive Oil Prices Higher, Fewer People Applied For Unemployment Benefits Last Week 3/12/26
Mar 12, 2026
Markets opened lower as worries over tanker attacks in the Strait of Hormuz raise oil supply risk. Analysts debate how long market disruption might last and potential knock-on effects. Rising gas averages and higher airline fares from jet fuel costs get attention. Weekly jobless claims ticked down and housing starts saw an unexpected uptick.
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Iran Expands Attacks To Push Oil Prices Higher
- Iran attacked three more ships in the Persian Gulf, expanding the threat beyond the Strait of Hormuz and disrupting a fifth of global oil supply.
- Iran said it aims to drive oil to $200 a barrel, pushing Brent over $100 and U.S. crude into the $90s, stoking market volatility.
Wall Street Extends Oil Disruption Timeline
- Market strategists extended disruption timelines; Goldman Sachs moved from a 10-day to a 21-day disruption window with a 30-day gradual recovery.
- Jim Cramer and Carl Quintanilla highlighted conflicting views: U.S. less exposed but global consequences and confusion over the response.
Higher Oil Immediately Hits Drivers And Airlines
- Rising oil and jet fuel pushed U.S. gas to a national average of $3.60 per gallon, up $0.35 from a week earlier, and airlines began passing costs to passengers.
- Cathay Pacific doubled fuel surcharges and Qantas raised fares; U.S. carriers likely to report fare increases at an upcoming investor conference.