Good Thursday morning again. Welcome to Squawk on the Street. I'm Sarah Eisen with Mike Santoli.

We are live from post nine of the New York Stock Exchange.

David and Carl are out today.

Ahead this hour, former Trump National Security Advisor, H.R. McMaster, with us.

As President Trump warns Iranian negotiators this morning to, quote, get serious soon before it's too late.

Plus, we'll talk to AI expert Jack Hiddery about OpenAI's decision

to ditch SORA, head of a potential IPO, and market expert Dan Greenhouse tells us the one factor

he says is saving the market from a much more dramatic sell-off over this war in Iran.

But, Mike, I thought we'd start out by just sharing some ways that the war is impacting the corporate space.

You know, companies are feeling it, but it's not necessarily across the board.

One industry that certainly is in the crosshairs is the shipping industry.

So Hopog Lloyd, which is a global container shipping company, CEO in earnings overnight.

The conflict in the Middle East is now causing considerable

network disruptions and sharply increasing operational costs. I mean, no surprise that, you know,

for a global shipper, that that would be the impact. And then just on, you know, related note

here in the U.S., the Postal Service is imposing its first ever fuel surcharge on packages, which does raise the price. As we try to figure out, especially on days like today, oil prices up, how much inflation are we really looking at in the U.S. economy and how temporary is it going to be? And that's just the day-to-day train. Yeah, and what kind of inflation? Is it just going to kind of be dissipated throughout the system?

Is it going to get to consumers?

Yeah.

I mean, that's obviously the big question.

I mean, today's a day where Treasury yields are up. And earlier, the chances of rate hikes were kind of up sharply. They are up. Yeah. I mean, there's no way you can't feel the sort of stagflationary winds, not that we're there,

but that it pushes in that direction.

It's interesting the way that you can't feel the sort of stagflationary wins, not that we're there, but that it pushes in that

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