CNBC — 2026-05-07#

Lead Story#

Geopolitics ruled the tape as the U.S. and Iran wavered on a 14-point peace proposal, triggering wild swings in crude oil and bringing the U.S. Navy back to the Strait of Hormuz to escort a Maersk: Ship passes Strait of Hormuz under U.S. military protection commercial vessel. The conflict’s toll was laid bare during earnings, with Shell CEO says oil market is short 1 billion barrels due to Iran war warning the market is short nearly 1 billion barrels of oil, while Whirlpool says Iran war causing ‘recession-level industry decline.’ The shares are down 12% blamed the war for a “recession-level industry decline” as soaring gas prices choke consumer spending.