Name: Oil prices surge amid war in Iran
Uploaded: 2026-03-07T23:02:13.000Z
Duration: 4 min 6 s
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The war with Iran is taking a toll on the US Economy.

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The price of crude oil shot to its highest level since 2023 this week, surging more than 28% to more than $90 a barrel.

Yesterday, Wall street completed its worst week since October.

That was coupled with an unexpected contraction in the US labor market.

But don't worry, we've got CBS News business analyst Jill Schlesinger here.

So, so obviously we know that the price of oil is now trickling through to the price of gas and diesel.

And you know, just in the last week, gas prices are up about 43 cents a gallon, according to Triple A diesel, up 50 cents.

And I think that this is going to put a lot of pressure on Americans, many Americans, and

obviously anyone who drives, you know, I sort of flippantly said yesterday on the show, like, go fill up your tank.

But go fill up your tank, because I think that we are likely to see even more increases down the line.

I mean, we could see the price of a gallon of gas go towards about four bucks.

And nationally, you know, we haven't been there.

But $4 is going to be a psychological barrier for a lot of people and they're going to feel really cramped about this.

Unfortunately, the rise in energy also means that we could see a rise in food prices, not just because it takes a lot to get food to the stores, but

a lot of fertilizer moves through the Gulf.

And so that could put a lot of pressure on food prices at a time when Americans are saying, hey, we are still struggling.

I mean, you go back to the summer of 2022, after Russia invaded Ukraine.

And to your point, that's also when we saw inflation hit 9%.

We also had a tough jobs report yesterday, 92,000 jobs lost.

Talk us through how you're putting that in context.

It's and we always say, hey, every time we have a jobs report, they revise the previous two months.

And then there are other revisions throughout the year.

So I don't want to go crazy, but you know, it wasn't A great report, 92,000 jobs.

About a third of those were because nurses were on strike.

Construction may have been, may have been hurt by a little bad weather, but

We were expecting 50 or 60,000 jobs created.

One month in isolation doesn't make a labor market.

But it bears watching because people have already said, hey, we're feeling uneasy about the job market now.

We're talking about inflation accelerating.

You know, when you think about the two ends of the spectrum, you say, well, I'm worried about prices, I'm worried about my job.

I'm worried about the economy slowing down.

People spend less money, that will be a drag on the economy.

Speaking of psychological moves on the economy, let's talk about the stock market.

I know what you're going to say, but what should investors do?

Can I tell you that I actually thought stocks acted better than I would have imagined yesterday?

Yeah, it was a very strange week in some respects, you know.

Yes, the markets have been selling off, but this year, stocks are basically flat.

We have unrest and war in the Middle east.

And you think that the stocks are holding up pretty well.

So look, I know that people get unnerved every single day.

My mother calls me, she's like, don't tell me not to panic.

this is a long standing issue my mother has with me because she says I am entitled to feel how I feel.

That's the mother telling that daughter, you're a long term investor.

And that means manage your own financial life.

Don't go figuring out where the stocks are going next.

You don't need to 20, 30, 40 years in the future, Adriana.

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Oil prices surge amid war in Iran

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