Impact of Iran War on Economy

Summary

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

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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.

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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.

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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]

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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.

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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.

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

Transcript

[A]

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[B]

The war with Iran is taking a toll on the US Economy. The price of crude oil shot to its highest level since 2023 this week, surging more than 28% to more than $90 a barrel. Wall street completed its worst week since October. That was coupled with an unexpected contraction in the US labor market. But don't worry, we've got CBS News business analyst Jill Schlesinger here. Jill, make sense of this, please.

[C]

Oh, it's a lot of stuff. So obviously we know that the price of oil is now trickling through to the price of gas and diesel. And you know, just in the last week, gas prices are up about 43 cents a gallon according to triple A diesel, up 50 cents. And I think that this is going to put a lot of pressure on Americans, many Americans, and obviously anyone who drives, you know, we are likely to see even more increases down the line. I mean, we could see the price of a gallon of gas go towards about four bucks. And nationally, you know, we haven't been there. We were at five bucks in June of 22. But $4 is going to be a psychological barrier for a lot of people and they're going to feel really cramped about this. Unfortunately, the rise in energy also means that we could see a rise in food prices. Not just because it takes a lot to get from food to the stores, but 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.

[A]

Yeah.

[D]

I mean, you go back to the summer of 2022, after Russia invaded Ukraine. There was the oil supply crunch. There was that $5 gas. And to your point, that's also when we saw inflation hit 9%. Now, Adriana mentioned this. We also had a tough jobs report. 92,000 jobs lost. Talk us through how you're putting that in context.

[C]

It's one month, and we always say, hey, every time we have a jobs report, they revise the previous two months. And then there are other revisions throughout the year. So I don't want to go crazy, but, you know, 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. But there wasn't a lot of great news. Construction may have been hurt by a little, little bad weather. But overall, this was a strange report. We were expecting 50 or 60,000 jobs created. Now we lose 90. One month in isolation doesn't make a labor market. But it bears watching because people have already said, hey, we're feeling uneasy about the job market. Now we're talking about inflation accelerating. You know, when you think about the two ends of the spectrum, you say, well, I'm worried about prices. I'm worried about my job. I'm worried about the economy slowing down. That feeds into consumer confidence, and that is what we're really watching. Because if people spend less money, that will be a drag on the economy.

[B]

I mean, so much of the economy is psychological.

[C]

Absolutely.

[B]

Speaking of psychological moves on the economy, let's talk about the stock market.

[A]

Let's.

[B]

They had a rough week this past week. I have a feeling. I know what you're going to say, but what should investors do?

[C]

Can I tell you that I actually thought stocks acted better than I would have imagined yesterday? Yes. Yeah, it was a very strange week in some respects, you know. Yes, the markets have been selling off, but this year, stocks are basically flat. Hey, you know what, gang? We are seeing this surge in oil and gas. We have unrest and war in the Middle east, and you think that the stocks are holding up pretty well. So, look, I know that people get unnerved every single day. My mother calls me, she's like, don't tell me not to panic.

[B]

That's what I'm saying.

[C]

I know.

[A]

So.

[C]

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. And that means manage your own financial life. Don't go figuring out where the stocks are going next. You don't need to 20, 30, 40 years in the future, Adriana. That's what you're investing for.

[A]

All right, So I know that you are a listener of this program and that you understand that taking no action in a time like this is an action in and of itself. And I also want to say that if you do need money within the next 12 months, maybe it's a house down payment, maybe you're buying a car, maybe you've got to pay a tuition bill. We always emphasize you must not have that money invested in anything that can fluctuate. No stocks or mutual funds, exchange traded funds, bonds, crypto, none of that. 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. And if you're kind of freaking out also about like, oh my God, I don't want to be investing in my retirement account or I'm scared or you think you're going to outguess the market, you're not going to outguess the market. Just keep plowing ahead with your game plan and really focus on your your goals, not what's going on outside. And if you need help, we're always here for you. Of course. Jillonmoney.com Click the Contact Us button. Get in touch with us. You can subscribe to the show on the Odyssey app or wherever you find your favorite podcasts. Please leave us a rating and review wherever you listen. And of course we ask that you lift someone up. Change your work, change your wealth, change your life. Thank you for listening and we'll talk to you tomorrow.

[B]

Of.

[A]

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