Market Moving Insight and Analysis.

Join Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.

Good morning and welcome to Squawk on the Street.

I'm Scott Wapner with Jim Kramer.

We are live from the New York Stock Exchange this morning.

Carl and David have the morning off.

We're watching U.S. futures closely because they are tumbling after Iran's

top military commander, General Qasem Soleimani, was killed at Baghdad airport by a U.S.

airstrike ordered by President Trump. The Pentagon says Soleimani was actively planning attacks on

American diplomats and service members in Iraq and throughout the region.

Iranian supreme leader Ayatollah Kamani promising, quote, severe revenge.

But the president responding with a tweet of his own, Iran never won a war, but never lost in

negotiation, said the president.

Tensions between the U.S. and Iran sending crude oil prices higher for our purposes, Jim.

Look, futures are off their worst levels. We're still expected to open sharply lower.

But the story really focuses on oil and the region of the Middle East and what all of that means for the price of crude.

Right. One of the things I think people have to recognize is there's too much crude.

I mean, it's just, wouldn't this move the needle out 20 to 2023? But here's U.S. producers just slamming the futures already. I'm looking at the futures from 640 a.m. Thank you, Rusty Brazil, from RBN.com.

$0.43. $0.43. $0.43. Impact on 2023.

Now, why is that?

Because you have major producers who are saying,

Hallelujah, I am getting an opportunity to be able to sell, sell, sell.

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