Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with Jim Kramer here at post 9 of the New York Stock Exchange.

Fabers on assignment. Oil spikes 10% overnight. Brent gets close to 120 as Iran attacks more energy infrastructure in Qatar, Abu Dhabi, Saudi Arabia, retail gas now averaging 390. For stocks, the question is, will the 200-day moving average hold? We're about a percent away from those November lows. Ten year spikes to 4.30. That's a

six-month high. Our roadmap begins with oil prices rising again as the war intensifies. A major challenge

ahead for the Fed. Also ahead, shares of micron under some pressure, despite a blowout quarter and some

upbeat guidance. We'll talk with Sanjay Marotra in just a few moments. And Alibabaab is down sharply on a revenue miss, although cloud growth was a bright spot for that company.

Let's begin with the markets and this surge in oil prices today.

This is what the Fed Chair said yesterday about Mideast tensions and the U.S. economy.

The implications of events in the Middle East for the U.S. economy are uncertain.

In the near term, higher energy prices will push up overall inflation, but it is too soon to know the scope and duration of the potential effects on the economy.

Jim, there's a lot to unpack about net job creation, his own tenure, and of course, this inflation overshoot, which he does attribute to tariffs to a large degree.

Right. I think that if you're the president of the United States, you're listening, you're basically saying, okay, how much is he really fingering me on this?

I will tell you, I thought it was measured. That's his style.

By basically saying that what we're seeing on our screen is short term.

When you see a Chevron, which is this talk I used to describe oil and gas, when you see that

goes straight up.

He's basically saying, that can't last.

He can go back down.

He didn't distinguish as much as I would have liked about how our

country is in different shape from Europe, from Asia, because we are more of a natural gas-based

economy than these other places. And they can't afford to be natural gas. And it turns out we have

so much that we were actually in one part of our country, oil companies were paying people to take natural gas just a few months ago.

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