Good Wednesday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania and Mike Santoli.

We are live at post nine of the New York Stock Exchange. David Fabers off today. Coming up this hour,

the head of the International Energy Agency, IEA, expected to deliver remarks in just a few moments.

We'll be all over the wild volatility in oil with energy expert Paul Sankey, who says,

we're seeing a nightmare scenario play out.

Plus, counsel on foreign relations president emeritus Richard Haas with us to talk about

how the war could come to an end.

An Oracle, a winner today.

On strong earnings and guidance, we'll ask an analyst if this is the start of a bigger turnaround

for that stock, which is surging more than 12%. But guys, we got the

CPI report. And yes, this doesn't incorporate the war in Iran and the big spike in oil prices

and gas prices, but I do think it's worth noting because we want to know what the underlying

trend does of inflation heading into this gas pump price spike.

So I think the key is that the core overall CPI at 2.5% in February was good news.

Why?

Because it was a moderation.

It was the lowest level we've seen year for year since 2021.

That's good.

Core, remember, strips out food and energy.

It's kind of the underlying trend that the Fed watches. And there's the picture of basically where we've been, which is very high. There's the spike in 2022, 2023, and how we have come down to more normalized level. Are we at the Fed's 2% level? No. But we have come down and that I think the

2.5% the lowest pace in five years is very good news. The overall metric increased 0.3% for the

month and it's 2.4% for the prior year. You had some big heavy weights in the categories that were

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