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

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanian with David Faber, who's back at post-9 of the New York Stock Exchange.

Kramer is in San Jose at Nvidia GTC, which does get underway today.

Got some relief in oil this morning backing off 102 overnight as Iran appears to be allowing

some Indian, maybe some Pakistani tankers through the Strait of Ormuz.

That is definitely helping equity futures after closing near the lows of the week on Friday.

Got a Fed decision on Wednesday, too.

Our roadmap begins with the war now in its third week. President demands that allies help

reopen the strait amid these higher oil prices. Also ahead Wall Street awaiting Jensen Wong's

keynote at NVIDIA's GTC. Of course, Jim's going to have a lot more on all of that.

Plus, we're keeping an eye on insurers of meta reports, at least from some, that the company could lay off as many as 20% of its workforce.

That would be to offset what is that enormous spending, Carl, of course, on AI.

Let's begin with the markets, though, in oil after a volatile trading week last week.

This is what the Treasury Secretary had to say with our Brian Sullivan earlier on Squawk about

reopening the strait. We are seeing more and more the fuel ships start to go through.

The Iranian ships have been getting out already, and we've let that happen to supply the

rest of the world.

We've seen Indian ships go out now, so the Indians who rely very heavily on Gulf oil,

we believe some Chinese ships have gone out.

So that should start ramping up.

Jim, that's good news. And the administration clearly

believes even if it's some Iranian oil, it does get some supply out to the globe.

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