CNBC Business News Update Market Close: Stocks Plunge, Oil Higher, Airline And Cruise Line Shares Lower On Higher Fuel Prices 3/12/26
Mar 12, 2026
Bob McNally, energy markets expert at Rapidan Energy, gives a short take on potential Strait of Hormuz disruptions. Mike Santoli, senior markets commentator, breaks down the steep market close and major movers. They discuss rising oil and gas prices, airlines and cruise lines feeling fuel pain, and which economic reports could steer markets next.
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Stocks Fall While Some Energy Names Rally
- U.S. markets dropped sharply as oil rose, with all three major averages making closing lows for the year.
- The Dow plunged 739 points while NVIDIA, S&P 500 and Nasdaq all fell, yet some energy and utility stocks hit fresh highs like Chevron and Duke Energy.
Hormuz Closure Sends Brent Above $100
- Brent crude topped $100 a barrel after the Russian attack on Ukraine, and U.S. crude neared $98, pushing energy costs higher.
- With the Strait of Hormuz closed, Energy Secretary Chris Wright said 20% of the world's oil was effectively sitting dormant, tightening markets.
Prepare For Higher Airfare And Cruise Costs
- Expect higher travel costs as airlines and cruise lines raise fares to offset soaring jet fuel and diesel prices.
- United Airlines CEO Scott Kirby warned higher fares were likely as carriers pass fuel costs to consumers.