CNBC Business News Update Market Midday: Stocks Sell Off, Dow Falls 1000 Points, US Crude Highest In Nearly 2 Years 3/5/26
Mar 5, 2026
Patrick DeHaan, gasoline analyst who tracks consumer fuel spending. Howard Marks, Oaktree Capital co-founder and market commentator. They discuss a sharp market sell-off tied to Iran-related attacks and risks in the Strait of Hormuz. Conversation covers rising U.S. crude prices, surging pump costs, and the impact on airlines and cyclical stocks.
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Geopolitical Risk Triggered Broad Market Sell Off
- The market sell-off accelerated as geopolitical tensions with Iran escalated, driving major averages into the red for the year.
- The Dow fell about 1,065 points and the S&P 500 dropped roughly 83 points amid fear of a widening conflict and economic impact.
Don’t Time Investments Based On War Predictions
- Avoid trying to predict war outcomes for investment decisions because they're inherently unpredictable and not a reliable basis for timing trades.
- Howard Marks advised not to be 'Pollyanna' or 'suicidal' in reactions, implying measured positioning instead of panic moves.
Oil Spike From Strait Of Hormuz Threats Raises Pump Prices
- Iran's reported attack on an oil tanker and Strait of Hormuz dangers pushed U.S. crude above $81 a barrel, the highest since summer 2024.
- Rising crude translated into higher pump prices, with AAA reporting a 25 cent per gallon increase since Monday.