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CNBC Technology·2 min read

$100 oil, PCE data, MLB valuations and more in Morning Squawk

Oil prices surge as U.S. trade investigations expand

Oil prices soared above $100 per barrel for the first time since 2022, driven by tensions in the Strait of Hormuz following remarks from Iran's new supreme leader, Mojtaba Khamenei. This spike in oil prices contributed to a significant drop in U.S. stock markets, with the Dow Jones Industrial Average falling more than 700 points, while the U.S. Navy indicated it is not yet prepared to escort oil tankers through the region.

Key Takeaways

1.
Brent crude oil prices rose 9.22% to close above $100 per barrel.
2.
The U.S. Navy is currently not ready to escort oil tankers through the Strait of Hormuz.

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$100 oil, PCE data, MLB valuations and more in Morning Squawk | Trace