CNBC Business News Update Market Midday: Stocks Lower, Oil Higher, Airfares Rising As Jetfuel Spikes 3/12/26
Mar 12, 2026
Joe Terranova, market strategist at Virtus Investments, offers concise takes on unemployment claims and surprising housing starts. Scott Wapner, veteran market journalist, breaks down oil volatility from Strait of Hormuz tensions and how jet fuel spikes are pushing airfares up. Short, timely market moves and what they mean for prices and yields.
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Oil Spike Driving Market Pullback
- Oil is the main market driver today with WTI near $95 and Brent at $100 pushing broader market weakness.
- Scott Wapner links market pressure to elevated oil and the Strait of Hormuz risk, explaining the equity pullback tied to energy jitters.
Step Back During Market Volatility
- Step back and observe the volatile environment rather than overreacting to short-term moves.
- Scott Wapner advises less is more right now, noting markets remain above the 200-day moving average despite the roller coaster.
Geopolitical Risk Lifts Oil And Consumer Prices
- Attacks on ships in the Persian Gulf and Iranian threats are pushing oil prices and fueling geopolitical risk premia.
- Jessica Ettinger reports three more ships were attacked and Iran said it wants to drive prices up to inflict pain on the U.S.