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

Group 1: Oil Market Dynamics - U.S. crude futures surpassed $100 per barrel for the first time since mid-2022, driven by output cuts from Iraq, Kuwait, and the UAE amid the U.S.-Iran conflict [2] - Last week, U.S. crude oil prices surged by 35.6%, marking the largest gain in the history of the futures contract, which negatively impacted the stock market, leading to the Dow Jones Industrial Average's worst week in nearly a year [6] - Energy Secretary Chris Wright indicated that energy prices would decline once the U.S. neutralizes Iran's ability to target tankers in the Strait of Hormuz [6] Group 2: Political and Economic Implications - The U.S.-Iran war has intensified the focus on affordability, with rising gas prices becoming a significant concern for everyday Americans, particularly in the context of the upcoming midterm elections [3][4] - Democrats are leveraging the conflict to highlight the economic burden on consumers, while some Republicans hope for a quick resolution to mitigate potential economic fallout [3] - The recent negative jobs report adds pressure on the White House, as a tightening labor market combined with rising prices could necessitate a shift in strategy regarding the conflict with Iran [4] Group 3: Canadian Economic Trends - Canadians are increasingly purchasing domestic brands and spending more on local tourism, while avoiding U.S. goods, a trend that could impact the U.S. tourism industry [10][11] - Polling indicates that this shift in consumer behavior is likely to persist, potentially affecting Canada's GDP and inflation rates [11] Group 4: Wellness Industry Growth - The global wellness market is projected to approach $10 trillion by 2030, with businesses like Bathhouse expecting to achieve approximately $120 million in run-rate revenue by the end of 2026 [12][13]