CNBC Business News Update Market Open: Stocks Higher, Oil Slips Back Below $100 per Barrel, Gas Prices Rose Again Over The Weekend 3/16/26
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Mar 16, 2026 
Scott Besant, a U.S. Treasury official, explains how increased fuel shipments from Iran, India and China may ease supply strains. Michelle Caruso Cabrera, business commentator and market analyst, breaks down why WTI slid under $100 and what that means for energy markets. They also cover rising U.S. pump prices and how commodity moves are shaping investor sentiment.
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Markets Rally Led By Nvidia And Bitcoin
- Stocks opened higher with the Dow up 361 points and the NASDAQ rising over 1%, led by NVIDIA's 2% gain.
- Bitcoin hit about $74,000 while gold and silver pulled back but stayed above historically high levels for this market context.
Oil Pullback Signals No Long Term Supply Shock
- WTI crude dropped to about $97 a barrel from $100 a week earlier, signaling traders expect no prolonged disruption.
- Michelle Caruso-Cabrera attributes the drop to lack of permanent damage to energy infrastructure and effective military strikes on Iranian capabilities.
U.S. Let Iranian Tankers Through To Ease Supply
- Treasury Secretary Scott Besant says the U.S. allowed Iranian tankers through the Strait of Hormuz to increase global oil supply.
- He noted Indian and some Chinese ships are moving Gulf oil, which should ramp up overall supply.