Well Fargo CEO Charles Scharf has warned that the U.S. economy is showing signs of "fragility or a nervousness" that hasn't yet fully translated into the economy. Despite highlighting the strong consumer spending, strong employment numbers, and rising wages, Scharf believes businesses are still in good shape. He also highlighted the risks of the Iran conflict impacting global markets and oil prices, and increased uncertainty around borrowing and investment. Since the Iran war began on February 28, Brent crude oil and WTI have seen significant increases in Brent crude and WTO, while average US. gasoline prices surged 36% in March alone. Scharf also highlighted that companies are becoming more cautious about borrowing and investing, and that the economy is still in strong shape. Despite these concerns, Scharf maintains that the real economy and market mood are telling different stories.