It's Jim Kramer here.

You're listening to the opening bell of CNBC Squawk on the Street.

Don't miss a minute of the action. Good Thursday morning. Welcome to Squawk on the Street. I'm Sarah. I scare you? I'm Sarah Eisen with Jim Kramer here at Post 9 of the New York Stock Exchange. David's on assignment. Carl has the morning off. Take a look at futures this morning. We do have oil prices back on the rise, and that's pressuring futures.

Dow futures down 334. S&P futures down 51.

Brent crude oil is marching toward 102. Again, it's up 4.5%. Our roadmap begins with Wall Street, pointing to another lower open as President Trump warns Iran negotiators to get serious before it's too late.

Plus, META's no good, very bad months, tracking to be the worst performing Mag 7 stuff.

And continued warning signs for private credit with Jeffrey's quarterly results in focus this morning.

We'll begin, though, with the stock and energy markets digesting the latest twists and turns surrounding the Iran war. Jim, I would also add that treasury yields are back on the rise,

so we're in this pattern again where there are concerns that we're not sort of close to the end here

as President Trump threatens them again on social media. Exactly. And at the same time,

this is my friend Stephanie

Link this morning on Squawk Box. She says, look, this is when you have to make your move. This may be

a post-Liberation Day pre-rally. I find it very hard to make any big move because yesterday we came

in and these numbers were exactly reversed, opened up way too high, and then gave it up. Do you bet that it's going to be the other way this way? I have to tell you, we've got employment numbers, we have a possible weekend of something happening. So Sarah, I like to sit back here. I don't want to take action. I know a lot of the traders come on and they want to do this and they want to do that.

And I don't know why they have any.

How is there?

Where's their clarity?

Well, I think there's one school of thought that says, you know, there's a Trump put in the market, right? And I came out with that hard yesterday. And you talked about that on the show, I know. And that, you know, if it gets bad, he will come in and sort of make a deal, which we did see.

Although there's another school of thought a deal, which we did see.

Although there's another school of thought that he needs to finish the job when it comes to Iran.

Whatever that looks like, what it looks like is an escalation from here.

And so here's what he posted on Truth Social.

...