3/9/2026
By Charles Payne, CEO & Principal Analyst

Last week remained rocky, and even as Iran’s attacks became sequentially weaker, new narratives took center stage. Gulf coast nations would break from the U.S., and an oil shock would crush the global economy.

Indeed more oil (20 million barrels a day) flows through the Strait of Hormuz than in other major oil shock periods, and a greater percentage of global output (see chart above). From the United States' vantage point, the risk has been extinguished, as only 2.5% of Gulf oil reaches the United States.

A Gusher

Even though the U.S. isn’t reliant on oil coming out of the Strait, the price of West Texas Intermediate (WTI) erupted higher in one of the largest weekly gains ever.

Up 36% on the week and 41% for the month.

In fact, WTI has rallied more than Brent, which seems odd to me since this situation is more impactful to Europe and Asia.

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Charles Payne
Wall Street Strategies