The Daily Wrap Up

9 March 2026

[Transcript edited for clarity, flow and length]

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Well, I guess when you are at war, the markets do not like that. Gas prices are climbing again, global markets are rattled, and the United States finds itself entangled in a widening conflict with Iran.

Oil prices surged dramatically in recent days. At one point crude jumped above one hundred dollars a barrel, later spiking as high as one hundred twenty before dropping sharply to the mid eighties as traders reacted to new signals from global producers. That kind of volatility reflects the instability now rippling through global energy markets. It is also hitting Americans where it hurts most. Gas prices are rising quickly across the country. In Northern Virginia, prices jumped roughly fifty cents per gallon in just four days, moving from the mid two dollar range to well over three dollars in some locations.

The administration insists the spike will be temporary, but Americans have heard that before. Economic fears are beginning to return. The polling for Donald Trump on the Iran conflict is already poor, and economic concerns are worsening matters. A recent jobs report showed more than ninety two thousand jobs lost during the last reporting period, adding another troubling signal to the broader economic picture.

The biggest driver behind the energy panic is the Strait of Hormuz. Roughly one fifth of the world’s oil supply passes through that narrow waterway. When instability threatens shipping there, global supply tightens immediately. Prices react just as quickly.

Rumors circulated that Saudi Arabia might increase production to stabilize supply. That possibility caused prices to retreat somewhat during the day, but the underlying instability remains. Saudi involvement always invites scrutiny given the financial relationships surrounding Donald Trump and his inner circle, including the billions invested by the Saudi sovereign wealth fund into Jared Kushner’s private investment firm.

There is another layer to the economic fallout. A new analysis highlighted how Russia could emerge as one of the biggest beneficiaries of the conflict. Senator Lindsey Graham appeared on Fox News and described the war in strikingly blunt terms.

What he said next drew immediate attention.

When this regime goes down we are going to have a new Middle East. We are going to make a ton of money. Nobody will threaten the Strait of Hormuz again.

The comment raised an obvious question. If the war is costing nearly a billion dollars a day in military operations alone, who exactly is making money from it?

A report noted that Russian oil shipments currently stranded at sea could suddenly become profitable again if sanctions are loosened to stabilize global supply. The United States Treasury has already discussed issuing waivers that would allow Indian refiners to purchase Russian crude that is currently unable to move through traditional shipping routes. Analysts estimate that more than six billion dollars worth of Russian oil is sitting on tankers waiting for buyers.

If even half of India’s usual imports through the Strait of Hormuz shift toward those Russian shipments, the Kremlin stands to gain billions.

The geopolitical consequences do not stop there. Iran’s counterattacks have already strained U.S. missile defenses in the region. The Pentagon is reportedly seeking advanced drone defense technology from Ukraine, which has spent years developing highly effective systems while fighting Russia.

At the same time, intelligence officials say Russia may now be helping Iran with targeting information for attacks against American assets in the region.

Asked about those reports on Fox News, White House Press Secretary Karoline Leavitt offered a typical response.

We do not comment on intelligence reports that are leaked to the press. Whether or not this happened frankly it does not really matter.

That answer did little to calm concerns that the conflict could expand into a broader proxy war involving Russia and possibly China.

Meanwhile, the rhetoric coming from some Republican leaders has only grown more extreme. Lindsey Graham returned to Fox News again, this time wearing a hat reading Free Cuba and suggesting that Iran would not be the last regime targeted by the administration.

This was his message.

If we get in a fight I want to win it and win it quick. Iran is going down and Cuba is next.

For many observers the tone felt surreal, particularly as American troops are already dying in the conflict.

The sense that war has become something of a spectacle deepened over the weekend during a solemn ceremony at Dover Air Force Base. The remains of six American service members killed in the conflict were returned home in what is known as a dignified transfer. Presidents traditionally observe strict protocol during the ceremony as a sign of respect for the fallen and their families.

Donald Trump attended wearing a campaign style USA hat, merchandise that sells for fifty five dollars on his campaign website.

Fox News initially aired footage from a different moment showing Trump without the hat before later apologizing for the error. Critics immediately pointed out the double standard given the outrage Fox previously directed at Barack Obama for wearing a tan suit or saluting a Marine while holding a coffee cup.

Michael Steele, former RNC chairman, did not mince words. He's been
a never Trumper from day one. He said:

This fool has absolutely no sense of dignity or appreciation for the moment. It's called the dignified transfer for a reason. Take your damn hat off.

One of the commentators covering the ceremony summarized the moment this way.

Vice President JD Vance and Secretary Lady Usha Vance attending a dignified transfer to honor the final homecoming of the six U.S. service members killed in Kuwait. The solemn ritual returns the remains of troops killed in action. It is considered one of the most somber duties of a commander in chief.

And Donald Trump could not be bothered to take his hat off to honor our fallen soldiers at the ceremony.

The controversy surrounding the ceremony arrived alongside troubling reports from Iran itself. Analysts now believe a U.S. missile strike may have accidentally hit a girls school near a targeted naval facility, killing more than one hundred seventy civilians, including many children. Israel has already denied responsibility, while U.S. officials say the incident remains under investigation.

When questioned about the strike aboard Air Force One, Donald Trump insisted Iran was responsible.

Iran did. They said it wasn't us, but the US hasn't.
We're still investigating. It's being investigated. We are certainly investigating.

If confirmed, the strike would represent the deadliest civilian casualty event since the conflict began. Incidents like this have historically fueled anti American sentiment throughout the region.

Meanwhile the conflict itself shows no signs of slowing. Iranian leadership has already installed a successor following the killing of the previous Supreme Leader. Mojtaba Khamenei, widely regarded as a hardliner with close ties to the Revolutionary Guard, has now assumed the position.

The Revolutionary Guard still controls the country’s security apparatus, military assets, and intelligence network. That reality complicates any talk of rapid regime change.

Ten days into the conflict, there is still no clear explanation of what victory would look like.

And as the war continues to dominate headlines, another story has begun resurfacing in the background. Newly uncovered FBI interview summaries are raising additional questions about the 2019 death of Jeffrey Epstein inside a federal jail cell.

One inmate claims he overheard corrections officers discussing a possible cover up the morning Epstein died. According to the account, a guard allegedly said they would cover it up if Epstein was dead.

The claim has not been substantiated, and federal authorities continue to classify Epstein’s death as a suicide. Still, the resurfacing of these reports adds another layer of controversy at a moment when public trust in institutions is already deeply strained.

For now the larger picture remains grim. Gas prices are rising. Global markets are rattled. The Middle East is sliding deeper into conflict. And Americans are left wondering how a war that began less than two weeks ago has already spiraled into something far more complicated than anyone in Washington seems willing to admit.

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