Start Here Crude Awakening: Could Oil Force Trump’s Hand?
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Mar 10, 2026 Josh Margolin, an investigative reporter on domestic threats; Patrick Rievel, a foreign correspondent expert on Russia; and Elizabeth Schulze, an economics reporter, unpack oil’s market shock. They discuss soaring prices, the Strait of Hormuz’s chokehold, Russia’s energy maneuvering, waiver politics, rising pump costs, drone transfers, and warnings about sleeper agents. Short, urgent, and wide-ranging.
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Markets Hang On Presidential Signals
- Oil price surges from $60 to as high as $120 a barrel show markets are hypersensitive to signals about the Iran war's duration.
- Elizabeth Schulze notes traders reversed a spike when President Trump suggested the war was "close to an end," proving markets hang on his statements.
Energy Shock Hits Consumers And Businesses
- Higher crude directly translates into jumpy retail gas and diesel prices that quickly hit consumers and businesses.
- Schulze warns diesel could jump 35–50 cents a gallon, threatening near $5 national averages and squeezing logistics and airlines.
Domestic Production Doesn't Equal Price Immunity
- U.S. oil production doesn't fully insulate domestic prices because crude is priced on global supply and demand.
- Schulze explains one-fifth of global supply was stalled in the Strait of Hormuz, so tapping reserves is only a short-term fix.