Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Continia and Mike Santoli today.

We're live at Post 9. David Faber has the day off. We are at the New York Stock Exchange, as always.

Stocks are under pressure. Every sector is red right now except for energy, which is holding up the best because oil is surging.

WTI crude up 9.5% 99.49 a barrel. Brent, the international benchmarks above

101 a barrel. It's up 9.5% as well. And that's taking a bite out of the major averages.

Consumer discretionary is the worst performing sector right now. Coming up this hour will be all

over this huge move in oil and what it means for every part of the market.

Plus Rockefeller's Rochere Sharma will join us as global equities see big swings on the

escalating war in the Middle East. And former Commerce Secretary Gina Romando is with us.

Big warning about what she calls an AI-driven mass unemployment crisis and just what government

is supposed to do about it. But guys, we have to

start about start with the move in oil prices, which is sharp and it is high. Pushing Brent above

$100 a barrel. Now more than $1.01 a barrel. We're off the highs of the session, but still, it is a big

jump and now a big jump of what we've seen since this war began. So what one thing I decided to do is take a look at some of the countries that this hurts the most, the biggest importers of oil, right? U.S. imports a little, but we export a lot, too, because we're, you know, mostly self-sufficient on oil. But here's the countries that are not. China is the world's biggest import of oil.

Now, the good news for China is that they stockpile a lot, so they have a lot of reserves.

But there are countries like India, South Korea, Japan that are nearly, I don't know, 90, 95% dependent

on oil, meaning imports minus exports. They don't produce oil. Also Europe,

a lot of European countries, like Germany, for instance, is nearly fully dependent on oil. It's

no wonder we see sharp swings in markets like the Cosby, which, yes, was one of the

darlings of the market and built up. It's an AI-driven market, not an energy-driven market.

So South Korea's economy,

certainly vulnerable. Places like India, they do price control so that they don't have

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