Iran Retaliation & “Know Your Value” with Mika Brzezinski 3/18/26

0:00Dan Murphy:Your data lives everywhere. On-prem, in the cloud, across apps. Bring it all together with EverPure, the platform that acts like a living system, delivering the latest in data performance, security, and innovation without ever slowing you down. Sophisticated enough to anticipate your ever-changing data needs, yet simple enough to feel like second nature. Tame your data chaos with EverPure and make storage and data management the simplest part of your business. Visit everpuredata.com to learn more. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading.

0:47Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts. Bring in show music, please.

1:25in U.S. and Israeli airstrikes this week.

1:29Dan Murphy:And in a turbulent world, we'll take a look at antisemitism in the United States. CEO of the Anti-Defamation League, Jonathan Greenblatt, on the progress made and the work still to do. On college campuses, it's better. We've seen no encampments in the last year. We've seen less, you know, violative acts of antisemitism in the last year. And yet in other ways, we know that it's worse. I mean, you talked about Tucker Carlson a minute ago. Plus, know your value. Women and Wealth Fluency, MS Now's Mika Brzezinski. Even at this stage, I've been working on these issues specifically, and I need a glow up.

2:05And HSBC's Raquel Oden, news you can use. What we want in our 20s looks very different in our 30s versus our 40s and our 50s. So what this really comes down to is the ability to have customized advice specific to our life stages.

2:19Dan Murphy:It is Wednesday, March 18, 2026. Squawk Pod begins right now. Stand Becky by in three, two, one. Cue it, please. Good morning, everyone. Welcome to Squawk Box right here on CNBC. We are live from the Nasdaq market site in Times Square. I'm Becky Quick along with Andrew Ross Sorkin. Joe is out today. Meantime, Iran retaliating in the Middle East. This after killing one of its top security officials after Israel did that. I want to get over to CNBC's Dan Murphy in Dubai. Good morning. Andrew, good morning to you. Well, another volatile morning here in Dubai. We were hearing the thought of interceptions over the downtown district earlier this morning as the UAE's missile defense systems continue to engage a wave of Iranian drones and rockets.

3:09Tehran clearly making good on its promise to strike back following the elimination of Ali Larajani, a top Iranian security official who was killed in U.S. and Israeli airstrikes this week. But it's not just the UAE. We're also seeing Iran's state media claim Iran has also hit more than 100 targets inside Israel, fired drones at the American embassy in Baghdad and targeted an Australian airbase here in the Gulf too. And what's interesting is that despite the uptick that we're seeing in these attacks, we are seeing a rare bit of supply side relief for the oil markets today. And that's because Iraq has officially resumed crude flows through what's called the KC pipeline.

3:52This is a 600-mile pipeline that can deliver Iraqi crude to the Med. It's the first time we've seen oil moving through this line in years. But we're talking about 250 ,000 barrels a day here. And in the context of the 20 million barrels currently trapped behind the blockade in the Strait of Hormuz, it really is a drop in the ocean. So to add some context to what we're seeing in the oil markets right now, perhaps this is a psychological win for the market, but it certainly doesn't solve the block in the Strait of Hormuz. We've also heard from the AdNor Group CEO, Dr. Sultan al-Jabba, one of the most respected voices in the global energy market, weighing in on that today.

4:32He told the Wall Street Journal that Iran's move to take Hormuz hostage constitutes what he called global economic warfare. You heard right, global economic warfare. He also said any day after settlement must address Iran's nuclear program, ballistic missile capabilities, and network of regional proxies. So for ADNOK and the UAE, which has, of course, had to shut down operations and bear the brunt of Iran's attacks on civilian and energy infrastructure, the status quo with Iran and the Strait of Hormuz is now officially untenable. So the markets seem to be cooling on that news for now, particularly the news flow out of Iraq.

5:14But with economic warfare being the phrase of the day here in Dubai, the risk premium probably isn't going anywhere anytime soon. Andrew? So Dan, though, the thing I want to ask about that quote, and I think it comes from a story that has this headline, Gulf states want the U.S. to cripple Iran's regime before ending the war. And the subheadline there is, in pivot for regions that had accorded Tehran, Gulf leaders now insist that Iran must be rendered incapable of future attacks. How much of that is a pivot, even in the last two or three days from what you'd be hearing on the ground? Andrew, we were talking about this yesterday, and you're exactly right.

5:53It is a significant pivot. The economic impact of this war on the Gulf states, and in particular on the UAE, will be significant. And as a result, leaders here see the status quo when it comes to Iran effectively having to change. As you heard there, Dr. Sultan al-Jaba saying that Iran's control over the Strait of Hormuz will have to change into the future. And their entire defensive posture will have to change as well. Of course, the UAE has proven resilient in the face of these Iranian missile and drone attacks. But of course, it has also demonstrated an ability to defend itself. And as a result, we'll have to continue to do so in the future if the Iranian regime and its capabilities aren't dismantled.

6:37So part of what we're seeing right now is quite a significant tone shift for this region. As you say, the UAE and Saudi Arabia had attempted to work with the previous Iranian regime. And of course, with the whereabouts of the current Iranian leader still unknown and his well-being also having a big question mark against it, The Gulf states don't really know what to expect when it comes to what could happen next. And of course, now questioning whether or not they can actually work with any leadership inside the Iranian regime moving forward as well.

7:07Dan Murphy:That's a huge miscalculation on the part of the Iranian. I don't know what leadership is there at this point, but that's a huge miscalculation, thinking that they could force the Arab states into putting pressure on both the United States and Israel by attacking them. and then to see maybe this development as a result where they say we can't live with them as neighbors. Exactly, Becky. And it's also interesting to see in terms of what could happen next here when it comes to the control of the Strait of Hormuz. We've also been talking about this through the course of the week. It seems as if the president's tone has also changed here.

7:43Remember, he was attempting to build a coalition to try and build national support, a naval support group, to get those ships moving again through the strait. It seems as if the president has turned more America first on this and said essentially that help is no longer required. Of course, who will ultimately end up securing the safe passage of those ships remains to be seen at this point. And whether or not the Gulf states will actually step in to contribute is unclear as well. We've also heard from top UAE officials suggesting that they could provide some assistance here, perhaps also signaling that this region may play a greater role when it comes to the safety and security and the responsibility of that strait moving forward.

8:27But of course, no firm commitments have been made yet. For now, the immediate focus is on attempting to find some kind of military or diplomatic off-ramp to this conflict, which is now extended into its third week with no real end in Okay. Dan, I want to thank you for your smart analysis and everything that you're bringing us from the ground.

8:48Dan Murphy:Jensen Wong teasing a potentially transformative step in the evolution of AI. The NVIDIA CEO talking up OpenClaw. That's an open source AI agent that taps into large language models to perform daily tasks. Here's Wong on Mad Money last night. It was open sourced just recently, a few weeks ago. It is now the largest, most popular, the most successful open source project in the history of humanity. Well, this is like ChatGPT when you told me in November it would be big and then it turned out to be in January. This could be the next thing. This is definitely the next ChatGPT. As you can hear, that was Jensen Wang speaking with Jim Cramer.

9:30Dan Murphy:OpenClaw has seen growing adoption in China where many local tech companies are integrating the technology into their offerings. and we're watching a lot on what's been happening with this. You know, another big thing that he said yesterday, that Jensen Wong said yesterday, was that China has been looking for some increased shipments of that H200 chip, and they are looking to restart production of some of those chips as a result. They'd been telling the street, basically, look at that as a zero, right? China down to zero. So if that starts up, that could show you a little bit, too. Stock's up by about 1%, but you can see over the last year up by close to 60%.

10:06So the big question to me about, by the way, OpenClaw is, you know, the leader, the guy who created OpenClaw has basically been acqui-hired by OpenAI. And so that whole him and whatever his team is.

10:21Dan Murphy:Yeah, I like that, acqui-hired. It's acquired, right? And so the question is whether what OpenClaw is, which is an open source system, becomes a closed source. Whether OpenAI creates something that looks very much like it or Clawed creates something that looks very much like it. But it lives in a closed universe in some way that we haven't figured out yet. And that'll be very interesting just in terms of what happens. That's a really good word. Aquahired. Aqua Hired, that's the phrase for what they've... By the way, that's what, you know, when you think about the acquisition that Meta had of scale AI, that was an Aqua Hired.

10:59Buying the talent. Cheese will be next.

11:04Dan Murphy:Next on Squawk Pod, a conversation about anti-Semitism and geopolitics. CEO of the Anti-Defamation League, Jonathan Greenblatt, responds to yesterday's resignation of Joe Kent, former director of the National Counterterrorism Center, and what it means. His letter, in your mind, a protest of the war and what Israel as a country politically is doing? Yeah. Or do you look at that and say, he's an anti-Semite and he doesn't like Jews? You can say, I oppose this war on some grounds, but to blame Jews or the Jewish state for the war?

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12:12This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com slash marketupdatepodcast or find Schwab Market Update wherever you get your podcasts. To realize the future America needs, we understand what's needed from us. To face each threat head on. We've earned our place in the fight for our nation's future.

12:53We are Marines. We were made for this.

12:59Dan Murphy:This is Squawk Pod. Up on Becky. You are watching Squawk Box right here on CNBC. I'm Becky Quick along with Andrew Ross-Sorkin. Joe is out today. Our next guest here to weigh in on the global battle against rising anti-Semitism. Joining us right now is Jonathan Greenblatt. He is Anti-Defamation League CEO and National Director of the ADL. Just wrapping up its annual Never Is Now Summit in New York City and honored business leaders who stand up to hate, including New England Patriots chairman and CEO Robert Kraft and GAP CEO Richard Dixon. Good morning to you. State of anti-Semitism, and then we're going to get into everything that's going on in the Middle East, because I think it's all connected in a certain way.

13:41Yeah. Look, it's a really complicated time. I mean, I think a lot of Jewish Americans, probably like yourself, many of your audience, are wondering if this is the new normal. 20 people were killed last year, Jewish people in anti-Semitic attacks, and of course in Bondi Beach, in Washington, D.C., Boulder, Colorado, Manchester, England, one of the most lethal years in recent memory. And just last week, a terrorist tried to add West Bloomfield to that mix, right? There were over 100 preschool children in that building. And this individual drove an explosives-packed car into the actual synagogue.

14:15I mean, I fielded calls in the last week from parents who were concerned. Can I send my child to school? Can I go to the JCC, or will I be targeted? The idea that Jewish people are wondering, can they sort of live their lives, or will they be threatened here in America in 2026? It's a terrible thing. Help me understand this. we are now in the middle of a war in the Middle East, in Iran specifically. But there is a lot of debate among politicians, among the public here in the U.S., among some very influential voices, by the way, in the Republican Party, including people like Tucker Carlson and others, who have suggested that we have been pulled, the U.S.

14:57has been pulled into this war by Israel. And there is a view among some that that that that unto itself creates these other questions about anti-Semitism and this sort of interconnection between those who have problems with Israel and those who have problems with Jews. So this is a good opportunity to talk about anti-Semitism, right? Some might call it the oldest hatred. Some might call it the oldest conspiracy theory. It's been around for thousands of years, and it's typically involved scapegoating and blaming a small group of people for things that are going wrong. This has been happening for ages and ages.

15:39And one of those age-old tropes is that Jews aren't loyal to the country where they live. Remember, they've lived as a minority in exile for thousands of years. And that not only are they not loyal, they caused the world's wars. Right? Again, this is an age-old trope that the Jews caused World War I, that the Jews caused World War II, and the Jews caused the Gulf War. And now we're seeing people like Tucker Carlson make this claim. Now, look, Tucker Carlson is probably the most prominent public bigot in our lives today. Like, look, he has platformed Holocaust deniers. He's platformed virulent anti-Semites.

16:12He's engaged in this kind of rhetoric for a long time. So it shouldn't be surprised that he goes there. But I think to be honest with you, there's a reasonable debate to have about this war. There's a reasonable debate to have, like, how is it being prosecuted? Do we understand what the objectives are, et cetera? But it's unreasonable to suggest that President Trump is being manipulated by a small group of people. I think one thing we know about President Trump. That's a piece of it, because there's, right, and that's what I'm trying to get at. There's sort of how you thread the needle between having a open debate about what's happening in Iran, what Israel is doing, the relationship between the United States and Israel on that front, and how you think about Jews and how you think about anti-Semitism and how they relate or not to each other.

16:58That, I think, is the hardest part about this. Look, these issues are complicated. They're not always as a clear cut, let's say, as other forms of hate. But, like, take Joe Kent, who resigned yesterday in a very public letter from his position as the head of the National Center for Counterterrorism. ADL opposed his nomination a year ago because of his white supremacist and extremist ties. He'd engaged in anti-Semitic rhetoric long before he was nominated. So when this person publishes a letter saying, I'm resigning because Israel pulled us into the war, Iran didn't pose a threat. And so my question to you is, if you look at that and say that that is an anti - This is the question.

17:34Is his decision in his letter, in your mind, a protest of the war and what Israel as a country politically is doing? Yeah. Or do you look at that and say, he's an anti-Semite and he doesn't like Jews? This is what I think is the fundamental question. Right. Well, look, let's talk about it. So you can say I oppose this war on some grounds. But to blame Jews or the Jewish state for the war? He testified in his confirmation hearing a year ago that the Islamic Republic of Iran and their proxies were threatening American service members. Yesterday, he says, there was no threat at all. What's the difference?

18:14So we know that the Islamic Republic of Iran has murdered more Americans, perhaps, than any other sovereign government over the last 40 years. Killed American service members, diplomats, civilians in Lebanon, in Iraq, in Saudi Arabia, all over the Middle East. So to suddenly say, whoa, whoa, whoa, they didn't pose a threat. They weren't a danger to us. It's just the Jews who made us do this. I mean, come on. President Trump, you can like him or dislike him, but he does exactly what he wants to do. and I appreciate that about him, even if I don't agree with everything that he does. What is the ADL position on this war in Iran right now?

18:49Look, my focus every day is on fighting anti-Semitism and hate. I will tell you, the Islamic Republic of Iran was the largest state sponsor of terror in the world, the largest exporter of anti-Semitism, Holocaust denialism, all of it. Incredibly problematic. On the War Powers Act and how all that goes, really, that's not my issue. I'm sure, though. But it will be good. If that regime is gone, better for the people of Iran, better for the people of the region, better for the world. Okay, so then you would be for it, it sounds like. The reason I ask is there's a split even among Jews around the world and in this country about whether we should continue this war, continue to prosecute the war, continue to prosecute it until there is fundamental regime change, and others who say, we've got to get out of this as quickly as humanly possible.

19:40Look, I want an end to this conflict with the least lives lost as possible at the same time. The Islamic Republic is a totalitarian regime. They murdered 30 ,000 to 40 ,000 of their own citizens less than two months ago, like in the span of a week. The world will be safer if that regime is gone. The world is safer that Khamenei is gone. The world is safer that Larjani is gone, for sure. What do you make of just what's happening in the U.S. in terms of where things stand as it relates to anti-Semitism? Meaning, do you believe that it is getting materially worse, materially better, flat? Well, here's what I know.

20:20What I know is on college campuses, it's better. We've seen no encampments in the last year. We've seen less, you know, violative acts of anti-Semitism in the last year. And yet in other ways, we know that it's worse. I mean, you talked about Tucker Carlson a minute ago. There certainly is a strain of anti-Zionism and anti-Semitism in the politics of both the far left and the far right. And that's moving into the mainstream. I mean, he would, I don't want to speak for him, but I've heard him talk about it. Tucker Carlson? He would say that his position is not about anti-Semitism at all. That is what anti-Semites always say.

20:52They say, I don't hate Jews. It's just I'm raising questions about the Jewish people, about Jewish influence, about the Jewish state. He's raising questions about Israel and its influence over the United States. That's what he would say. I mean, look. Again, I don't want to speak for the man. I'm just suggesting to you. He platforms Holocaust deniers on his show. He kind of calls out the integrity of Jewish people repeatedly on his show, the motives of Jewish organizations on his show. He's an anti-Semite through and through, Andrew. And that's why we call him out.

21:21Dan Murphy:Have you ever spoken with him or been on his show either? I've never been on his show. I was invited on a show at Fox a few times. But, like, I'm not going to engage. Like, my view at ADL, my view as CEO of ADL, I'll engage with anyone as long as you don't dehumanize other people. When he dehumanizes Zionists, that's a red line for me. Jonathan Greenblatt, thank you for coming in this morning. Thank you. Nice to see you. Coming up on Squawk Pod, a little segment collab with our sister network, MS Now Morning Joe co-anchor Mika Brzezinski. She's teaming up with HSBC to boost financial fluency among women.

21:54Maybe men are in the exact same position. They just pretend that they're not. That's interesting. I think there's a confidence gap.

22:04Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.