Market moving insight and analysis.

Join Jim Kramer, David Faber and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.

Good Monday morning, welcome to Squawk on the Street.

I'm Carl Kintanio with Jim Kramer at Post 9 of the New York Stock Exchange.

Faber has the morning off.

Oil is the story as the Iran War moves into its second week.

Crude tops $119 last night, as the journal calls this the

most severe energy crisis since the 70s. Future is sharply negative ahead of a busy week of

inflation data. VIX tops 35, the 10 year around 417. We will begin with triple digit oil

and the slump in stocks around the globe in reaction to the mid-east conflict.

Gulf states cutting some production as the Strait of Hormuz is effectively shut, resulting in some supply disruptions, Jim.

And we're tracking the traffic there as best we can. Everybody is.

Yeah, I mean, it sounds like that there could be just a gigantic amount of oil off the table,

because even though this trace of muse, that's, you know, 20%,

but who also matters in terms of just the idea that these, none of these countries have enough

storage room.

You know, so you're getting Kuwait, UAE's Saudi Arabia down, Bahrain.

Now, I would point out that there's been no instance where you have an increase,

almost like we've had, if you take the overnight, where we haven't had a bare market.

And it's pretty daunting because I can't figure out an off ramp yet.

Yeah. People are starting to put some numbers on things. Airlines are a good example.

Milius over the weekend. They point out it took 12 days for oil to peak after the Ukraine war

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