Jill on Money with Jill Schlesinger
Episode: Impact of Iran War on Economy
Date: March 9, 2026

Episode Overview

In this episode, Jill Schlesinger addresses the economic turbulence triggered by the Iran war, highlighting its effects on the markets, oil prices, and Americans’ wallets. Jill discusses the week’s biggest headlines—a surge in oil prices, market volatility, and a surprising jobs report—offering clear, practical advice on navigating such uncertainty as a long-term investor. The episode features a segment from CBS Saturday Morning with anchors Kelly O’Grady and Adriana Diaz, where Jill breaks down recent developments and their potential impact on everyday financial decisions.

Key Discussion Points & Insights

1. Oil Price Surge and Consumer Impact

• Oil Prices Climb: The war with Iran has driven crude oil prices to their highest since 2023, up over 28% to $90+ per barrel ([04:03], Kelly O’Grady).
• Gas and Diesel: Gas prices rose about 43 cents per gallon in a week; diesel up by 50 cents ([04:28], Jill Schlesinger).
  • “...gas prices are up about 43 cents a gallon according to AAA. Diesel, up 50 cents. This is going to put a lot of pressure on Americans, many Americans...” (Jill Schlesinger, [04:28])
• Downstream Effects: Higher energy costs likely to increase food prices due to transportation costs and fertilizer supply disruptions from the Middle East.
  • “The rise in energy also means that we could see a rise in food prices...a lot of fertilizer moves through the Gulf. It comes from the Middle East. And so that could put a lot of pressure on food prices at a time when Americans are saying, hey, we are still struggling.” (Jill Schlesinger, [04:28])

2. Historical Context: Echoes of 2022

• The situation recalls the summer of 2022, after Russia invaded Ukraine, when oil supply crunches led to $5 gas and inflation hitting 9% ([05:28], Kelly O’Grady & Adriana Diaz).

3. Labor Market Jitters

• Jobs Report: Unexpected contraction with 92,000 jobs lost—a third due to a nurses’ strike, likely temporary ([05:47], Jill Schlesinger).
  • “...it wasn’t a great report. 92,000 jobs. About a third of those were because nurses were on strike. So those jobs will come back online...overall, this was a strange report. We were expecting 50 or 60,000 jobs created. Now we lose 90.” (Jill Schlesinger, [05:47])
• Big Picture: One month does not define the labor market, but it’s a trend worth monitoring. Low consumer confidence could further slow the economy.

4. Investor Advice During Volatility

• Stock Market Performance: Despite volatility, stocks are “basically flat” for the year, holding up better than expected given global turmoil ([06:57], Jill Schlesinger).
  • “I actually thought stocks acted better than I would have imagined yesterday...we are seeing this surge in oil and gas, unrest, and war in the Middle East, and you think that the stocks are holding up pretty well.” (Jill Schlesinger, [06:57])
• Stay the Course: Jill repeatedly urges long-term investors to avoid emotional decisions.
  • “You’re a long-term investor. You stick with your game plan, tune out the noise, control what you can control. And that means manage your own financial life.” (Jill Schlesinger, [07:28])
• Memorable Moment:
  • “My mother calls me, she’s like, don’t tell me not to panic.” (Jill Schlesinger, [07:25])

5. Practical Tips for Listeners

• Funds Needed in <12 Months: Money needed soon (home down payment, tuition, car purchase) shouldn’t be invested in anything volatile—keep it safe (savings, checking, short-term CD, money market) ([07:54], Jill Schlesinger).
  • “Anything you need within the next 12 months should be kept in a safe savings, checking, short-term CD, money market because you cannot afford to take that loss if you know you need the money within 12 months.” (Jill Schlesinger, [07:54])
• Market Timing Warning: Don’t try to outguess the market—stick to your retirement and investment plan.

Notable Quotes & Memorable Moments

• “The rise in energy also means that we could see a rise in food prices...at a time when Americans are saying, hey, we are still struggling.”
  — Jill Schlesinger, [04:28]

• “This was a strange report. We were expecting 50 or 60,000 jobs created. Now we lose 90...people have already said, hey, we’re feeling uneasy about the job market. Now we’re talking about inflation accelerating.”
  — Jill Schlesinger, [05:47]

• “I actually thought stocks acted better than I would have imagined...we are seeing this surge in oil and gas, unrest and war in the Middle East, and you think that the stocks are holding up pretty well.”
  — Jill Schlesinger, [06:57]

• “My mother calls me, she’s like, don’t tell me not to panic. I know. And this is a long-standing issue my mother has with me because she says I am entitled to feel how I feel. And you are. And it’s scary. However, you’re a long-term investor. You stick with your game plan, tune out the noise, control what you can control.”
  — Jill Schlesinger, [07:25–07:28]

• “Anything you need within the next 12 months should be kept in a safe...because you cannot afford to take that loss if you know you need the money within 12 months.”
  — Jill Schlesinger, [07:54]

Timestamps for Key Segments

• [04:03] — Iranian War drives oil up 28%; economic snapshot.
• [04:28] — Impact on gas/diesel and Americans’ wallets.
• [05:28] — Historical context: parallels with 2022.
• [05:47] — Dissecting the jobs report and economic anxiety.
• [06:45] — The psychological nature of the current economy.
• [06:57] — Advice for investors; stock market holding up.
• [07:54] — Where to keep short-term funds and market timing warning.

Actionable Takeaways

• Expect higher gas and food prices in the coming months due to oil and supply chain disruptions.
• One poor jobs report shouldn’t trigger panic, but combined with inflation it’s a sign to watch economic trends carefully.
• For investments, “do nothing” can be the best move—stick to your plan and avoid reacting emotionally.
• Short-term savings should be kept safe and accessible, not exposed to market swings.

For more advice or to ask Jill a question, visit jillonmoney.com.