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CNBC's "Fast Money"

Oil Spikes On Latest Mideast Developments… And Opportunity In The Volatility 5/4/26

CNBC's "Fast Money"

CNBC

Investing, Business, News

3.91.3K Ratings

🗓️ 4 May 2026

⏱️ 47 minutes

🧾️ Download transcript

Summary

Oil prices jumping on the latest developments out of the Middle East. How the energy spikes are impacting already high gas prices, and the impact it’s having on equities as stocks pull back from record highs. Plus, all the after-hours action in shares of Palantir & Paramount, clarity on Clarity helps fuel a crypto jump, and how a legendary Hollywood producer brings the magic to the silver screen as “The Devil Wears Prada 2” tops the box office this weekend. Fast Money Disclaimer

Transcript

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0:00.0

Live from the NASDAQ market site in the heart of New York City's Times Square, this is fast money.

0:05.3

Here's what's on tap tonight. Paying at the pump, energy prices spiking and gas hitting levels not seen in nearly four years, how the conflict in the Middle East is weighing on markets and what it means for consumers.

0:15.9

Plus, Amazon takes a big bite out of transport companies. Bitcoin hits three-month highs, what GameStop CEO Ryan Cohen had to say about his bid for eBay, and it was a big hall at the box office for Oat Couture and High Drama. We'll talk to the producer of The Devil Wears Prada 2, Karen's own sister, Wendy Feinerman, the dish on opening weekend and what it means for the movie business this year.

0:40.6

I'm Melissa Leak, home to you live from Studio B at the NASAC on the desk tonight.

0:43.8

Karen Feinerman, Tim Seymour, and Carter Braxton Worth.

0:48.9

We start off with that massive move in energy prices, his tensions in the Middle East flare again.

0:53.2

WTI crew jumping more than 4% while Brent hit its highest level since mid-March.

0:54.9

Gas prices meantime soared to their highest since July 2022. The average cost of a gallon of diesel now stands at nearly

1:01.1

$5.5. Almost $2 more than it was a year ago. That's according to AAA. All this after the UAE said

1:07.8

it has intercepted a number of missiles fired from Iran. There were also

1:12.0

reports of an Iranian attack on a U.S. warship. For the latest developments out of the region,

1:16.6

let's bring Megan Kassela, who's at the White House. Megan. Melissa, some real escalation in the

1:21.6

region today and real questions about what the status of the ceasefire is after attacks were reported

1:26.3

in the UAE and in the Strait

1:28.0

of Hormuz. So President Trump about mid-afternoon confirming that Iran had taken some

1:32.2

shots at unrelated nations, including a South Korean cargo ship. This came after he announced

1:37.3

last night that the U.S. would be helping guide neutral ships through the Strait of Hormuz.

1:41.9

The president said the U.S. had an exchange shot down seven small Iranian boats, but that

1:46.8

other than the South Korean ship, there had been no other damage going through the street.

1:51.4

So that served to sort of downplay tensions over activity in the strait.

1:55.5

But separately, the UAE also reporting today, as you mentioned, it had intercepted missiles

1:59.7

fired from Iran, and that its air

...

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