CNBC Business News Update Market Close: Stocks Lower, US Crude Soared Up 35% This Week, US Economy Lost Jobs In February 3/6/26
Mar 6, 2026
Markets dipped after a U.S. strike on Iran, sparking a dramatic stock swing. U.S. crude jumped about 35% for the week, touching highs above $91 a barrel. Concerns rose over shipping at the Straits of Hormuz and filled storage tanks. Analysts warned of possible supply disruptions and rising pump prices. A surprising February report showed the U.S. economy lost jobs.
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Geopolitical Shock Sent Oil And Markets Moving
- U.S. military action against Iran triggered a sharp market reaction with stocks falling and oil spiking 35% for the week.
- Jessica Ettinger reports oil topped $91 a barrel, marking the largest weekly gain since 1983 and pushing major averages lower for the year.
Storage And Strait Bottlenecks Amplified The Price Spike
- Middle Eastern supply bottlenecks amplified the oil rally as countries warned of full storage and tankers stalled near the Straits of Hormuz.
- Paul Sankey and Halima Croft warned that halted tanker movement could force production shutdowns and sustain high prices into next week.
Consider Scaling Political Plans If Fuel Costs Bite Voters
- Policymakers may need to weigh economic pain from higher fuel costs against political goals as prices rise.
- Halima Croft and Steve Weiss suggested the White House could scale back ambitions if affordability and markets worsen.