March 16, 2026 / 20:00 IST
As the war on Iran entered its third week, President Donald Trump is raising pressure on nations to help reopen the vital maritime thoroughfare linking the Persian Gulf to international markets
A slide in oil prices lifted stocks and bonds on hopes that more tankers will be able to traverse the Strait of Hormuz amid an ongoing war that has upended global energy markets.
While traffic through the key oil route remains at a near-standstill, US crude sank below $94 as trickle of vessels started to find a way through the waterway. The S&P 500 rose 1.3%. Tech led gains, with Nvidia Corp.’s AI conference beginning Monday. Also buoying sentiment was a news report that OpenAI is discussing a $10 billion joint venture with private equity firms.
Treasuries also rose, trimming a March rout that’s seen Wall Street dialing back its expectations for lower interest rates amid concern about inflationary pressures. The dollar fell. Bitcoin topped $74,000.
As the war on Iran entered its third week, President Donald Trump is raising pressure on nations to help reopen the vital maritime thoroughfare linking the Persian Gulf to international markets. NATO said “individual allies are talking with the US and others on what more they might do.”
The US has not intervened in energy derivatives markets, Treasury Secretary Scott Bessent told CNBC, after the conflict spurred a surge in oil. He said prices would be “probably much lower” than $80 in a couple of months’ time.
“While it’s possible for oil prices to exceed $100 in the near-term, we don’t expect prices to remain above this threshold for the long-term,” said Richard Saperstein at Treasury Partners. “Oil prices will decline as tensions subside and oil flows return to pre-crisis levels.”