Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber, post-9 of the New York Stock Exchange.

Futures eyeing roughly 1% declines as the U.S. and Israel strike Iran for a third day.

Defense and energy names are higher, some travel stocks fall.

Oil goes to 72, although off the highs of last night in the 10 years of 401.

We begin with the U.S. and Israel extending their attacks on Iran, and as Tehran and its proxies retaliate

by firing missiles at U.S. military targets, Israel and Arab states. Last hour, the Pentagon said

it's engaging in a major combat operation, not an overnight offensive. Energy prices, as we

said, spiking, stocks falling around the globe in reaction

to this widening mid-east conflict, Jim. Sounds like you think maybe these declines are a little

too moderate, curious in a curious way? Yeah, well, it's kind of interesting. I expected the

interest rates to go down. There'd be a flight to quality and said rates go higher.

When rates go higher, I don't like it.

I don't hear a quick way to get oil down.

I think it will.

I would not own the oil stocks.

It's a great time to sell.

But David, when I look at things, I say, things weren't so good on Friday.

We had a lot of private credit issues, the blue owl issues.

We had Corey here, and Corey was some sort of a cathartic thing, which basically said, you know,

let's find other things to buy.

And, you know, overall, it just wasn't a kind of a queasy market based on what we saw, the banks in particular.

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