Stocks Slide as Oil Spikes, Exclusive With Palantir CEO Alex Karp 3/12/26

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Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla, on the opening bell hour of CNBC Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer. You're at Post 9 of the New York Stock Exchange. Faber has the morning off. Brent Oil gets back above 100 as Iran launches fresh attacks on tankers, Dubai, Bahrain, Qatar, and the Energy Secretary tells CNBC that Navy escort's unlikely to begin until the end of the month. Meantime, stocks look to open a little bit below Wednesday's low, 10-year spikes to four and a quarter. Our roadmap begins with oil prices resuming their surge. The IEA calls it the biggest supply disruption in the history of the global oil market. Shares a Palantir of 10% since the beginning of the war. We are joined exclusively by co-founder and CEO Alex Karp and some more red flags for private credit. This time Morgan Stanley, Cliffwater, Deutsche, and Partners Group in the news. We begin, though, with higher crude prices and Mideast tensions weighing on the markets. Yesterday, the president spoke about oil in his first campaign-style rally since the war began.

SPEAKER_4 (2:11)

Oil prices are already coming back down and it's going to come down, but we're not leaving until that job is finished and it's going to be very fast.

Carl Quintanilla (2:20)

And we remain curious, Jim, as to what finish means.

Jim Cramer (2:24)

Yeah, I mean, I don't know, because we have to go back to the, again, the 72 playbook, the last time the United States found itself to look like it did not have the upper hand, which was really, frankly, was against the North Vietnamese. And what Kissinger did was to go after the grid, to shut down the country, decided to make it so that instead of bombing ports and military, they're just going to shut down the whole country by taking on all the infrastructure. Not that, of course, this, they have oil infrastructure, but just say, okay, look, you're done. And the North Vietnamese, which pitied the two, had said, listen, we're more powerful than you. We're not going to do anything to you. We have the leverage. We have the cards.

Can the peace be able? Because their country was not able to function. So I think that that's the alternative. That's one alternative. That probably happens this weekend. The other alternative is to go to Qatar or have Qatar negotiate something in between. That would be the one that most likely could be able to do something behind the scenes that allows President Trump to declare victory. I don't see a third option.

Carl Quintanilla (3:27)

You think we take out their good this weekend?

Jim Cramer (3:29)

I think that they have to go after the infrastructure. So far, they've gone after the buildings.

That didn't work. We go after the buildings, they say $200 oil. $200 oil, obviously, we're talking about $5, $6 a gallon, and that's just not sustainable in the midterm year. But more importantly, I think if you don't want to be able to have it so that hardliners win, you have to shut the country down. Now, they've not done that. I mean, interestingly enough, they talked about how they're going to do bigger strikes and better strikes, whatever. They didn't know anything. They didn't do anything. I mean, Hegseth came on and talked about, basically, Big Week, the 1944 move that we made against the Third Right. But then nothing. So, what you have to do if, I think, the most powerful opponent we've had since World War II was North Vietnam, they did win. But to get them to the peace table, you had to take out the ability for the government to run. And so far, they've done nothing like that. They've not taken out the ability for the hardliners. The hardliners, they're running. The hardliners are running the country. The North Vietnamese came to the peace table because as Kissinger was right, they couldn't run the country. So these guys may say that we have to pay $200 oil. We say you got, you don't have the country anymore.