Oil prices top $100, FDA leadership change, the wellness boom and more in Morning Squawk

• Last week U.S. crude oil surged 35.6%, marking its biggest gain in the history of the futures contract, while the stock market posted its worst week in nearly a year
• Rising gas prices are becoming a political flashpoint, with Democrats framing the conflict as driving higher costs and Republicans hoping for a short war to avoid economic damage before midterms
• FDA vaccine chief Vinay Prasad is stepping down again at the end of April following controversial decisions that drew criticism from the biotech and pharmaceutical industries

Market Summary: Oil Surges Past $100 Amid U.S.-Iran Conflict

Key Developments

Oil Market Crisis: U.S. crude futures exceeded $100 per barrel for the first time since mid-2022, following production cuts by Iraq, Kuwait, and the UAE amid escalating U.S.-Iran tensions. Last week saw crude oil surge 35.6%—the largest gain in futures contract history. The spike led to the stock market's worst week in nearly a year, with Dow futures down over 500 points in extended trading.

Political Response: President Trump called rising oil prices a "very small price to pay," while Energy Secretary Chris Wright suggested prices would stabilize once Iran's ability to strike tankers in the Strait of Hormuz is eliminated. Iran named a new Supreme Leader on Sunday, adding to regional uncertainty.

Economic Implications: Affordability has become central to upcoming midterm elections, with Democrats highlighting increased consumer costs and Republicans hoping for a short conflict to avoid economic damage. A negative jobs report Friday further complicates the economic outlook, potentially pressuring the administration to reconsider its Iran strategy.

FDA Leadership Shake-up: Vinay Prasad will step down as FDA vaccine chief and director of the Center for Biologics Evaluation and Research in April, following controversial decisions that drew industry criticism. A successor will be appointed before his departure.

U.S.-Canada Trade Tensions: Canadian boycotts of U.S. goods and tourism continue amid Trump's calls for statehood, creating structural economic changes. Data shows Canadians increasingly favoring domestic brands and tourism, with potential GDP and inflation impacts.

Wellness Sector Growth: The global wellness market is projected to reach $10 trillion by 2030, with alcohol-free wellness clubs seeing strong demand and significant revenue growth.