Live in the Nazak market site in the heart of New York City's Times Square, this is fast money.

Here's what's on top tonight.

Energy prices and energy stocks spiking as tensions flare in the Middle East, and a major artery for oil is shut down, the latest in the war with Iran, and the impact it is having on all markets.

And Diamond in the rough, what the JPMorgan CEO had to say about the recent turmoil in the credit markets and how it all affects the banking sector. Plus software stocks catch a bid, what's behind the spike in Oracle CDS, and the battle for Warner Brothers is over, but what will a future with Paramount actually look like? The details later this hour. I'm Melissa Lee. Come to your last from studio, be at the NASDAQ on the desk tonight. Tim Seymour, Karen Fireman, Dan Nathan, and Guy Adami. Nice to be back once again. It's been a long time. Good to see you all. We start up with a massive jump in energy prices late in the day. Iranian officials saying the Strait of Hormuz has been closed, cutting off the key conduit

for oil in the region and further raising concerns over supply. WTI crude surging 6.5%

joined by major spikes in Brent and net gas. The news also saw stocks retreat from their highs,

though major indices still closed well off the lows of the day, the Dow, the only one to close in the red, while the S&B 500, the NASDAQ and the small cap Russell 2000 posted gains. Our PIPA Stevens has the latest in the massive energy market moves that shaped the day, PIPA. Hey, Melissa, so traffic industry had already come to a standstill, in part because of surging insurance costs for any tanker that would try to pass,

meaning this doesn't necessarily change the short-term picture.

With CIBC's Rebecca Babin saying it's saber rattling with both sides looking for escalation

dominance.

Still, there is some 87 million barrels of crude that has been loaded onto vessels and now

sitting in the Persian Gulf and unable to transit, that's according to Kepler.

And there's a finite buffer in terms of how long the market can absorb these lost barrels.

Wood McKenzie, among the firms, saying $100 oil is on the table if this persists.

And the supply shock is twofold. It's not just current exports, but it's also OPEC's spare capacity.

That is a key lever for balancing markets, and a lot of that could now be inaccessible.

VLCC rates, that's very large crude carriers. We're already up 368% for the year ahead of the weekend,

and with ship stock, those prices are most likely going to keep rising,

ultimately hitting consumers. Now, Secretary Rubio saying just now on his way into briefing

top lawmakers on Capitol Hill that about the war that Secretary's right and Besson have a program

in place to mitigate the energy impact, no details, but he said the programs will begin to roll out tomorrow. Melissa.

What is the readout, Pip on the damage done to the oil infrastructure within the Middle East

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