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Story summary
- Global oil prices rose on March 16, 2026, as the Strait of Hormuz remained blocked amid the Iran conflict.
- Gasoline prices rose to $3.72 per gallon, up from $3.70.
- Brent crude prices fell slightly to $101.93 per barrel.
- The Strait's closure has prompted production cuts, raising inflation concerns.
- U.S. President Donald Trump urged other nations to help secure passage through the Strait.
